The US Dollar (USD) came under renewed selling pressure on Wednesday and the USD Index closed the second consecutive day in negative territory. S&P Global will release revisions to Services PMI data for Germany, the Eurozone and the UK on Thursday. Later in the day, the US economic docket will feature weekly Initial Jobless Claims and Goods Trade Balance data for February. Several Federal Reserve (Fed) policymakers will be delivering speeches during the American trading hours.
ISM Services PMI in the US declined to 51.4 in March from 52.6 in February. This reading came in below the market expectation of 52.7 and weighed on the USD on Tuesday. Additionally, the Prices Paid Index of the survey, the inflation component, declined to 53.4 from 58.6. Later in the American session, Federal Reserve Chairman Jerome Powell reiterated that they were in no rush to reduce rate