The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its decline for the third straight day this week and was trading near 105.00 at the time of writing on Wednesday (05/03), its lowest level since early November. The down move came as traders further reduced their exposure to the Dollar across the board now that some analysts are calling for an end to US exceptionalism amid concerns that US President Donald Trump's tariffs could hurt economic growth. The move comes ahead of the European Central Bank's (ECB) interest rate decision on Thursday and the US Nonfarm Payrolls report for February on Friday.
On the economic data front, more negatives for the US Dollar could be on the cards. The Institute for Supply Management (ISM) will release its report on the Services sector on Wednesday. At the start of the week on Monday, the ISM report on the Manufacturing sector triggered a correction in the Greenback, which has been gaining momentum ever since. (Newsmaker23)
Source: FXstreet
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