The dollar is weak this morning against a basket of currencies as expectations of a rate cut have increased. This is due to a series of weak data that was released yesterday.
Factory orders were down 0.7% for May and the ISM non-manufacturing index fell to 55.1 in June.
ADP payrolls data showed that the private sector added only 102,000 jobs in June, compared to the 140,000 that were expected. This is not a great sign for the upcoming Non-Farm Payrolls and also supports the case for a potential rate cut at the end of July.
Balance of Trade figures showed that the US trade deficit widened in May to USD 55.5 billion compared to market expectations of USD 54 billion.
President Trump has again tweeted that China and Europe are manipulating their currencies to fuel their economy, and argues that the US should do the same.
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