The recent decline of the US Dollar Index reflects substantial profit-taking by investors, prompted by weaker economic data and muted signals from the Federal Reserve regarding monetary policy direction.
The ISM Services PMI dropping to 52.1 signals a notable slowdown in the US services sector, falling short of expectations and weighing down the dollar significantly.
Chair Jerome Powell's reiteration of the US economy's strength coupled with his data dependency has left investors cautiously awaiting clear guidance on future interest rate movements.
The ADP employment figures pointed to skepticism about the labor market's strength, with only 146,000 new jobs created in November, raising uncertainties for the Federal Reserve's inflation strategy.
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