US Dollar Index (DXY) Hits Resistance at 99.00 as JOLTS Job Optimism Fades

US Dollar Index (DXY) Hits Resistance at 99.00 as JOLTS Job Optimism Fades

Dollar’s Rally Slows Amid Key Data Awaited

The US Dollar Index (DXY) slipped slightly on Wednesday after a steep rally on Tuesday, struggling to break past the crucial 99.00 resistance level. The initial optimism from stronger-than-expected JOLTS Job Openings has diminished, slowing the Greenback’s upward momentum.

Market Awaits Crucial US Labor and Economic Data

Investors remain cautious, awaiting the upcoming US ADP Employment Change report and May’s ISM Services PMI, which will provide clearer insight into the tightness of the US labor market. Meanwhile, concerns linger over unresolved trade negotiations as the deadline for trade partners’ proposals passes without progress, adding to market uncertainty.

Eurozone Data Supports Euro, Pressures Dollar

The Eurozone saw an upgrade in its Services PMI to 49.7 for May, up from 48.8, offering moderate support to the Euro and applying additional pressure on the US Dollar. This improving European data contrasts with the cautious US outlook, influencing currency market dynamics.

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