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Despite some optimism from the ISM Services PMI, which rose to 53.5, the mixed economic data kept pressure on the Greenback. Meanwhile, ongoing trade policy uncertainties, including the US administration’s decision to extend auto import tariff exemptions for Canada and Mexico, further clouded market sentiment.
Upcoming Key Events to Watch
The Challenger Job Cuts report showed a 39.5% decline, signaling fewer layoffs but raising concerns amid weak job growth. Unemployment Claims are expected at 234K, slightly below 242K, offering insight into labor market stability. The Trade Balance deficit is forecast at -$128.3B, a sharp rise from -$98.4B, which could pressure economic growth.
Markets await FOMC speeches from Harker (2:45 PM UTC) and Waller (9:30 PM UTC) for insights on rate cuts and monetary policy shifts. With the US Dollar under pressure, traders will be watching labor market data and trade developments for further direction, particularly ahead of the NFP report on Friday.
US Dollar Index (DXY) – Technical Analysis
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