The dollar was sold off on Friday afternoon on the back of month-end and quarter-end re-positioning. US data wasn’t particularly helpful to the dollar’s cause with Chicago PMI, amongst other sets of lower-tier data, printing weaker than expected on the day.
In other recent news, a NAFTA framework deal has been agreed between the United States, Canada and Mexico, which revamps the free trade agreement after a year or so of negotiations. Moreover, there was an agreement between parties to allow US farmers more access to Canada’s dairy market and concerns about potential US auto tariffs were suitably addressed. So far, it hasn’t had too much of an impact on the value of the US dollar index.
Data wise, it’s a busy week for the US, with ISM Manufacturing PMI, ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI and Average Hourly Earnings + Non-Farm Employment all due for release.