Home Daily Commentaries Dollar weakness persists ahead of US Services PMI

Dollar weakness persists ahead of US Services PMI

Jake Trask
Written by
Jake Trask

Jake Trask

OFXpert

Based in London, Jake boasts a rich and extensive career in the foreign exchange industry, spanning 15 years.

| Tuesday 5 August, 2025

Daily Currency Update

The US dollar remains under pressure after Friday's hugely disappointing July jobs report which saw a miss for the month and large downward revisions to May and June's figures, with around 250k fewer people finding work than had previously been reported. After a couple of weeks of solid gains, the US dollar gave up a lot of that advance and remains under pressure this morning. There has been little data to move the rates over the past 24 hours so the softening economic environment in the US remains the markets' focus. EUR/USD continues to trade around 1.1550 with GBP/USD just under 1.33.

Key Movers

Today's main event is the monthly US Services PMI data which is due at 3pm. The results have been trending lower this year as tariff uncertainty hinders the sectors outlook. Any big deviation from the 51.5 expected could cause some large swings for the dollar, especially after the recent poor jobs data and thin holiday trading conditions.

Expected Ranges

  • GBP/USD: 1.3200 - 1.3385 ▲
  • GBP/EUR: 1.1450 - 1.1560 ▲
  • GBP/AUD: 2.0470 - 2.0625 ▲
  • EUR/USD: 1.1490 - 1.1650 ▼

Written by

Jake Trask

OFXpert

As a Senior Corporate Client Manager, Jake and his team manage a diverse portfolio of 250 businesses to meet their varied foreign exchange needs. He enjoys untangling the complexities of foreign exchange dynamics, constantly striving to provide clients with the most informed insights and strategies to navigate these fluctuations successfully.