How does EUR/USD react to the ISM services PMI?
In the first 30 minutes after the ISM services PMI, EUR/USD has typically moved 5.7 pips either way (the median of the last 24 releases, 5 Nov 2024 to 5 Oct 2026), and 13 pips after 4 hours. The first move held to the close on 16 of 23 releases. When it came in above the forecast, EUR/USD rose in the first 30 minutes on 7 of 10, median +4.0 pips. When it came in below the forecast, EUR/USD rose in the first 30 minutes on 4 of 7, median +12 pips. The largest first-30-minute move was −35 pips on 3 Jul 2025.
What the numbers say
The move has usually kept going after the first half hour: the typical 4-hour move (13 pips) is 2.3 times the first 30 minutes. The first reaction held to the close 70% of the time, close to a coin flip. Below forecast prints have moved it more than above ones (median +12 pips against +4.0 pips).
The last 12 releases
Each row is one ISM services release: the figure against the forecast, then EUR/USD over the first 30 minutes and the first 4 hours, then the whole release day (the close the day before to the close of the release day).
| Release | Actual vs forecast | First 30 min | First 4 hours | Release-day close |
|---|---|---|---|---|
| 5 Oct 2026 (Sep) | 54.9 vs 55 in line | +2.5 pips | +20 pips | −37 pips |
| 3 Sep 2026 (Aug) | 55.4 vs 54.3 beat | 0.0 pips | +11 pips | +44 pips |
| 5 Aug 2026 (Jul) | 54.1 vs 54.5 in line | +1.3 pips | +8.0 pips | +24 pips |
| 6 Jul 2026 (Jun) | 54 vs 54 in line | +5.2 pips | +25 pips | +6.4 pips |
| 3 Jun 2026 (May) | 54.5 vs 53.8 beat | +5.4 pips | −6.7 pips | −12 pips |
| 5 May 2026 (Apr) | 53.6 vs 53.7 in line | +8.2 pips | +1.4 pips | +23 pips |
| 6 Apr 2026 (Mar) | 54 vs 55 missed | −21 pips | −23 pips | +29 pips |
| 4 Mar 2026 (Feb) | 56.1 vs 53.5 beat | +16 pips | +1.4 pips | +24 pips |
| 4 Feb 2026 (Jan) | 53.8 vs 53.5 in line | −22 pips | −17 pips | −14 pips |
| 7 Jan 2026 (Dec) | 54.4 vs 52.3 beat | +2.7 pips | −4.1 pips | −10 pips |
| 3 Dec 2025 (Nov) | 52.6 vs 52.1 in line | +1.4 pips | +14 pips | +38 pips |
| 5 Nov 2025 (Oct) | 52.4 vs 50.8 beat | +5.3 pips | +9.2 pips | +11 pips |
Sources: Yahoo Finance 5-minute and hourly bars, the TradingView economic calendar (actual and forecast), Yahoo Finance daily bars for the release day. Gold is COMEX futures, US indices are CME futures.
How traders prepare for ISM services
- ISM services has landed at 10:00 New York on most of these releases. Every window on this page is measured from that minute.
- The 4 hours before the print drifted the same way as the move after it on 11 of 22 releases, so the drift in has said little about the move after.
- The typical first-hour range, high to low, has been 19 pips. A stop or a limit order closer than that to the price at the print has usually been reached by the release noise alone.
- Over the longer run, since 3 May 2023: on 16 releases above the forecast EUR/USD closed the day lower 10 of 16 times; on 13 releases below the forecast EUR/USD closed the day higher 10 of 13 times. That is the whole day, other news included.
- The prices are mid quotes from intraday bars, not a broker's fill: spreads widen around a release, so a real order can fill worse than these numbers.
The next release
The next scheduled ISM services release is 4 Nov 2026 at 9:00 New York (14:00 UTC), on the public economic calendar. This page refreshes on its own once that release has been measured.
See this before every release, free
The free section's calendar Playbook shows this same history on every release before it prints: what EUR/USD and the other main markets did on hotter and cooler figures, and the first hours after.
Open the free section →FAQ
How much does EUR/USD move after ISM services?
Over the last 24 releases the median first-30-minute move was 5.7 pips and the median 4-hour move was 13 pips. It rose in the first 30 minutes on 16 and fell on 7.
What does EUR/USD do when ISM services beats or misses the forecast?
When it came in above the forecast, EUR/USD rose in the first 30 minutes on 7 of 10, median +4.0 pips. When it came in below the forecast, EUR/USD rose in the first 30 minutes on 4 of 7, median +12 pips.
Does the first move after ISM services hold?
On 16 of 23 releases the first 30 minutes and the close moved the same way.
When is the next ISM services release?
4 Nov 2026 at 9:00 New York (14:00 UTC), on the public economic calendar.