Dollar Falls on Weak US Economic Reports and Lower T-note Yields

The dollar index (DXY00) is down -0.24% on lower T-note yields and weak US economic reports.  The 10-year T-note yield is down -2.3 bp at 4.227%.

The preliminary-July S&P US manufacturing PMI fell by -2.1 points to 49.5, which was substantially weaker than expectations of unchanged at 51.6.  The US manufacturing PMI fell below the expansion-contraction level of 50.0 for the first time since December 2023, indicating weakness in the US manufacturing sector.  By contrast, the preliminary-July S&P US services PMI rose by +0.7 points to 56.0, stronger than expectations for a -0.4 point decline to 54.9.