Weak PMI data will weigh on the USD – Scotiabank
|USD mixed in quiet trade. Economists at Scotiabank analyze Greenback’s outlook.
Focus on PMI data in light session ahead
The US Dollar Index is trading slightly lower overall on the day and week and retains a generally soft undertone which leaves directional risks for the USD overall tilted to the downside still.
US trading desks will be lightly populated today and a quiet session is likely. But there is some data on tap in the form of S&P Global PMI data for the US. The preliminary November data are expected to reflect some slowing in US activity; manufacturing may slip back under 50 – if only barely – while the services and composite readings are expected to reflect slower expansion. Weak – or weaker than expected – data will weigh on the USD, given its soft undertone.
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