On Monday, the US Dollar Index (DXY) continued its decline toward the 104.15 area mainly due to the Institute of Supply Management (ISM) PMI report for May.
Weak ISM PMI report for May and decreasing US Treasury yields weigh on USD. ISM Manufacturing PMI report increases odds of Fed rate cut in September. Markets awaiting upcoming Nonfarm Payrolls report and wage growth data. On Monday, the US Dollar Index continued its decline toward the 104.15 area mainly due to the Institute of Supply Management PMI report for May. The data led to a decline in US Treasury yields and a slight increase in the odds of a Federal Reserve rate cut in September.
US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022.
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