US Dollar weakens to start week as markets await PMI data
The US Dollar (USD) weakens against its major rivals on the first trading day of June.
In the second half of the day, the US economic calendar will feature the ISM Manufacturing Purchasing Managers (PMI) data for May. Market participants will also pay close attention to comments from central bank officials.
The USD Index, which gauges the USD's performance against a basket of six major currencies, ended the previous week marginally higher.
The data published by the US Bureau of Economic Analysis showed on Friday that the annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, declined to 2.1% in April from 2.3% in March.
Early Monday, the USD Index stays in negative territory slightly below 99.00. Meanwhile, US stock index futures were last seen losing between 0.5% and 0.7% on the day, reflecting a cautious market mood at the start of the week.
Escalating geopolitical tensions on news of Ukraine carrying out a large scale drone attack against Russian military bombers in Siberia seem to be weighing on risk sentiment.
Source: Fxstreet
