Dollar index lingers around two-month low
The dollar index is lingering around a two-week low on Tuesday amid growing expectations of a Federal rate cut later this month. Moreover, data yesterday showed US Manufacturing Purchasing Managers Index (PMI) contracted for the ninth straight month in November. The Manufacturing PMI declined to 48.2 in November, versus 48.7 prior, below the estimation of 48.6. Investors will now eye US ADP Employment Change and ISM Services PMI reports on Wednesday, ahead of the key Personal Consumption Expenditures (PCE) Price Index inflation data. Focus will also shift to Fed Powell speech later in the global day. The dollar index that measures the greenback against a basket of currencies is quoting at 99.39, almost flat on the day.
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