The U.S. Dollar Index slumped to 98.8 on Wednesday, near a six-week low of 98.6 hit on Tuesday, as a batch of weak economic data raised fresh concerns about the U.S. outlook.
The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, dragged down by a sharp decline in new business and a surge in input costs, likely driven by new tariffs. Separately, ADP data showed private employers added just 37,000 jobs in May, the slowest pace since March 2023 and well below the 115,000 forecast.
In contrast, Tuesday's JOLTs report showed job openings unexpectedly rose to 7.39 million in April, beating estimates of 7.1 million. Markets are now focused on Friday's nonfarm payrolls report for further guidance on the Federal Reserve's policy path. While President Trump continues to press the Fed to cut interest rates, officials have so far favored a cautious approach amid rising trade uncertainty. (alg)
Source: Trading Economics
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