USD in the headlights after lacklustre performance

USD in the headlights after lacklustre performance

The US dollar has weakened against most G10 currencies. GBP/USD has reached fresh 12-week highs above $1.28, while EUR/USD has reclaimed $1.09 for the first time since mid-March. This dollar weakness is due to declining yields following the US ISM manufacturing PMI report, which confirmed trends of slowing growth, decelerating inflation, and a tight labour market. Investors are closely monitoring data to assess how long the narrative of US exceptionalism can persist. The nonfarm payrolls report on Friday will be a critical event for cross-asset developments. Yesterday, the US manufacturing PMI surprised markets with a decline from 49.2 to 48.7 in May, impacting the US currency. Notably, the employment category showed improvement after seven months of contraction. JOLTS job openings will be important today, followed by services PMI on Wednesday and the eagerly anticipated jobs report on Friday

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