Forex News: U.S. Dollar Declines Amid Soft ISM PMI Data

U.S. Dollar Declines Amid Soft ISM PMI Data

(RTTNews) - The U.S. dollar dropped against its most major counterparts in the New York session on Tuesday amid soft ISM services PMI data for July.

The ISM services PMI fell to 50.1 in July from 50.8 in June. The PMI was forecast to rise to 51.5.

Meanwhile, the Trump administration is planning to announce new tariffs on semiconductors and chips by next week.

Fed rate cut odds climbed following last week's jobs data for July and further weighed on the currency.

The greenback retreated to 1.3316 against the pound, 1.1586 against the euro and 0.8065 against the franc, from an early high of 1.3259 and 4-day highs of 1.1527 and 0.8117, respectively. The next possible support for the currency is seen around 1.34 against the pound, 1.17 against the euro and 0.79 against the franc.

The greenback eased to 0.6478 against the aussie and 1.3770 against the loonie, from its early 4-day highs of 0.6449 and 1.3810, respectively. The greenback may find support around 0.66 against the aussie and 1.35 against the loonie.

In contrast, the greenback rose to a 4-day high of 0.5881 against the kiwi. If the currency rises further, it is likely to find resistance around the 0.56 level.

The greenback edged up to 147.83 against the yen, from an early nearly 2-week low of 146.61. The greenback is seen finding resistance around the 150.00 level.

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