• US S&P Composite PMI improved slightly in January's flash estimate.
• US Dollar Index stays in a tight daily range above 98.00.

Business activity in the US private sector expanded at a slightly better pace in January than in December, with the S&P Global's preliminary Composite Purchasing Managers' Index (PMI) edging higher to 52.8 from 52.7.

In this period, the Manufacturing PMI rose to 51.9 from 51.8, while the Services PMI remained unchanged at 52.5. Both of these figures came in slightly below analysts' estimates.

Commenting on the survey's findings, "The flash PMI brought news of sustained economic growth at the start of the year, but there are further signs that the rate of expansion has cooled over the turn of the new year compared to the hotter pace indicated back in the fall," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said.

"Increased costs, widely blamed on tariffs, are again cited as a key driver of higher prices for both goods and services in January, meaning inflation and affordability remains a widespread concern among businesses," Williamson added.

Market reaction

The US Dollar Index showed no immediate reaction to the PMI data and was last seen trading flat on the day at 98.28.