US Dollar marginally weaker ahead of US jobless claims data – by eren_fxstreet DollarIndex SEO Currencies Macroeconomics Technical Analysis
US Dollar Index fluctuates below 104.00 but stays in weekly range.The US Dollar stays on the back foot in the second half of the week but the currency's losses against its peers remain limited., which gauges the USD's valuation against a basket of six major currencies, fluctuates in negative territory below 104.00, while remaining in the weekly range.
The risk-sensitive Nasdaq Composite fell more than 1% but the financial-heavy Dow Jones Industrial Average closed modestly higher on Wednesday. Early Thursday, US stock index futures trade mixed. The monthly data published by the ISM showed on Monday that the business activity in the US service sector continued to expand in May, albeit at a softer pace than it did in April. The ISM Services PMI declined to 50.3 in May from 51.9 in April and missed the market expectation of 51.5.
The US Census Bureau announced on Monday that Factory Orders rose 0.4% in April following the 0.9% increase recorded in March. The US Dollar Index seems to have lost bullish momentum with the Relative Strength Index indicator on the dailyretreating below 60. DXY, however, continues to trade above the 20-day Simple Moving Average, currently located at 103.70. On the downside, bearish pressure could increase if DXY closes the day below 103.70. In that scenario, 103.
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