US Dollar Steadies After US Services PMI Contracts Against All Odds
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is trading around 106.60 at the time of writing after a rather disappointing United States (US) preliminary Purchase Manager's Index (PMI) release for February.
Main element which stood out was the Services sector that fell into contraction by 49.7, missing the 53.0 estimate and below the January 52.9 reading. The uptick in the Manufacturing sector helped to give some counterweight to the otherwise rather disappointing Services number.
With all US data out of the way for this week, from here all eyes will shift to Sunday when German elections are due to take place.
Source : Fxstreet