US Dollar dips following disappointing S&P PMI figures

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The US Dollar (USD) is trading softly at 105.70 tallying daily losses on Tuesday's session. The S&P Global Composite Purchasing Managers Index (PMI) fell to 50.9 in April's flash estimate, indicating slower private sector growth in the US from March's 52.1. The S&P Global Manufacturing PMI demonstrated a more noticeable drop from March's 51.9 to 49.9 in April, suggesting a contraction in US manufacturing sector activity. Similarly, April's S&P Global Services PMI decreased from 51.7 to 50.9. The weak PMIs made the USD face selling pressure. The Federal Reserve (Fed) has been sending a consistently hawkish message, which might limit the Greenback’s losses as markets delay the start of the easing cycle. PCE and GDP data later this week will likely fuel volatility in markets as they will continue shaping the expectation on the next Fed decisions.

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https://www.fxstreet.com/news/us-dollar-dips-following-disappointing-sp-pmi-figures-202404231559