The dollar index (DXY00) today is down by -1.13% and tumbled to a 3-3/4 month low. Concern about the negative impact of US tariffs on the US economy is undercutting the dollar. Also, strength in the euro weighed on the dollar after EUR/USD today jumped to a 3-3/4 month high. The dollar added to its losses today after the US Feb ADP employment change posted its smallest increase in 7 months, a dovish factor for Fed policy. The dollar recovered from its worst level after the US Feb ISM services index expanded more than expected.
The US Feb ADP employment change rose +77,000, well below expectations of +140,000 and the smallest increase in 7 months.
