Skip to navigationSkip to main contentSkip to right columnFXStreetTue, June 23, 2026 at 12:11 PM GMT+2 4 min readS&P Global will release the June flash Purchasing Managers' Indices (PMIs) for most major economies, with the United States (US) data scheduled on Tuesday. These surveys of top private-sector executives are seen as an early indicator of the country’s economic health. Market participants anticipate that the S&P Global Services PMI will print at 51, up from 50.7 in May, while S&P Global Manufacturing output is expected to print at 54.7, slightly below the previous month's 55.1 reading. The Composite PMI, a combination of manufacturing and services data, stood at 51.5 in May.S&P Global separately reports manufacturing activity and services activity through the Manufacturing PMI and the Services PMI. Additionally, they present a weighted combination of the two, the Composite PMI. Generally speaking, a reading of 50 or more indicates expansion, while readings below the threshold indicate contraction.The preliminary or flash versions tend to have a broader impact on the US Dollar (USD).The impact this time could be larger than usual. Last week, the Federal Reserve (Fed) had a monetary policy meeting, and the announcement was not about interest rates, but about a shift in how the Fed decides and communicates.Sure, the dot plot in the Summary of Economic Projections (SEP) showed that policymakers now anticipate a rate hike this year, vs. the previous SEP, which anticipated a cut.But market participants got far more nervous about Chair Kevin Warsh drastically reducing forward guidance. Not only was the Federal Open Market Committee (FOMC) statement halved, but Warsh also refrained from including his “views” in the dot plot. Warsh aims to completely shift the focus from guidance to rough data.S&P Global PMIs may not be a game-changing data release and may have a limited impact on the FOMC’s decision. But market participants may well start weighing in on data in the absence of forward guidance.Additionally, the US Dollar (USD) heads into the release with uncertainty-related strength. The USD holds onto post-Fed gains and extends its advance amid caution over Middle East developments. Optimism reigned last week after the United States (US) and Iran signed a deal to extend the truce and go into deeper negotiations.The deal included the reopening of the Strait of Hormuz, something markets welcomed strongly. Weekend news, however, hit such markets’ confidence as Iranian authorities announced they would close the critical sea passage again. Negotiations continue, as well as navigation through the Strait, but optimism faded.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info