DXY remains under pressure, testing 107.35 support despite upbeat ADP and S&P Global PMI data.
ISM Services PMI disappoints, signaling weaker-than-expected service sector growth and moderating price pressures.
US 10-year yield rebounds, hovering around 4.40% after touching a yearly low.
The US Dollar Index (DXY), which measures the US Dollar (USD) against a basket of currencies, struggled to recover losses on Wednesday and declined against most major peers. Despite stronger than expected ADP Employment and S&P Global PMI data, the ISM Services PMI fell short of forecasts, casting doubt on the strength of the United States (US) economy.
The Fed Sentiment Index, which previously sat at 130.00, has cooled off, signaling a less hawkish tone from policymakers. As a result, traders are reassessing the Federal Reserve's (Fed) rate path, contributing to the DXY's weak price action around 107.35 support.
ADP Employment Report showed that private sector employment jumped by 183,000 in January, exceeding the 150,000 forecast. Consumer-facing industries drove job creation, while manufacturing saw weaker gains.
S&P Global PMI data revealed that the final readings for January saw minor upward revisions with the Services PMI at 52.9 (vs. 52.8 expected) and the Composite PMI at 52.7 (vs. 52.4 prior).
ISM Services PMI: Disappointed at 52.8, missing the expected 54.3, while the Prices Paid index eased to 60.4 from 64.4, indicating softer inflationary pressures.
All eyes are now on Friday's Nonfarm Payrolls for January, which are expected to print a weak result that might weaken the USD further.(Cay) Newsmaker23
Source: Fxstreet
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