US Dollar Slides Lower Ahead of NFP Report Over Weak Non-Manufacturing Activity
The US dollar is trading slightly weaker early on Friday following the release of a weaker than expected ISM non-manufacturing report during the previous session. At the time of writing, the US dollar index DXY is trading at around 98.84.
According to the report, the services sector in the US remained in expansion for the 116th consecutive month, but the pace of expansion came in lower than that of the previous month and below expectations. The ISM non-manufacturing index for September slipped to 52.6 from 56.4 in August and 55.3 expected.
Employment growth in the services sector slipped to 50.4 in September from 53.1 in August. This is the lowest reading for this indicator since February 2014. Business activity and new orders have also slid lower, making markets increasingly concerned that this is the result of ongoing trade tensions, especially with China.
Today is a crucial day for the US dollar with the release of the NFP report. A look at the employment data should give a clearer picture of how well the US economy is performing lately.
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