Combined with a second month of expansion among manufacturers, the services data pushed the S&P Global composite purchasing managers index up to a 26-month high.

Elevated interest rates and a strong dollar force other currencies lower and complicate other central banks' plans to bring down borrowing costs.

Swiss rates, plus various other trends in the global economy—in chart form.

February purchasing managers index showed growth for a second straight month—for the first time in over a year.

And a measure of expected output in the coming year climbed to the highest since May 2022, boosted by firmer domestic demand.

While inflation is mostly retreating around the world, soaring shipping costs and a jump in oil prices are stoking worries about a revival of cost pressures.

Although the value of exports rose 1.6 percent, on growth in export of industrial supplies and autos, imports increased 1.7 percent.

Inflation is cooling, even as the job market remains resilient.