The dollar index (DXY00) this morning is down by -0.30%. The dollar retreated today after the US Mar ISM services index unexpectedly declined and after the Mar ISM services price paid sub-index fell to a 4-year low, dovish factors for Fed policy. On the positive side was the stronger-than-expected US Mar ADP employment report, a hawkish factor for Fed policy. Also, Atlanta Fed President Bostic said he favored waiting until Q4 for the Fed to begin cutting interest rates.
The US Mar ISM services index unexpectedly fell -1.2 to 51.4, weaker than expectations of an increase to 52.8. The Mar ISM services price paid sub-index fell -5.2 to a 4-year low of 53.4, weaker than expectations of 58.4.
