Dollar index continues to linger below 99 mark as weak data from the US and consistent pressure to reduce interest rates is nullifying any safe haven demand for the greenback. Yesterday, payroll processor ADP released a report showing much weaker than expected private sector job growth in the month of May. ADP said private sector employment rose by 37,000 jobs in May after climbing by a downwardly revised 60,000 jobs in April. Moreover, ISM service sector activity saw a slight contraction in the month of May. The ISM said its services PMI fell to 49.9 in May from 51.6 in April, with a reading below 50 indicating contraction. President Donald Trump once again urged Federal Reserve Chair Jerome Powell to lower interest rates, citing weak ADP jobs report. Markets now await Thursdays weekly jobless claims and Fridays closely watched nonfarm payrolls report. Besides, FOMC members due to speak later in the global day will also be watched closely. As of now, the dollar index that measures the greenback against a basket of currencies are quoting at 98.86, up 0.14% on the day. Among basket currencies, EURUSD and GBPUSD are both trading lower by 0.1% at $1.1415 and $1.3546 respectively.
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