US dollar slides as the ISM services report highlights Monday’s agenda

Happy Monday, unless you’re part of the foreign film industry.

The US dollar is sliding today as we’re reminded that the Commander in Chief is making it up as he goes along. EUR/USD is at he best levels of the day, up 60 pips to 1.1355 while USD/JPY edges below Friday’s low and is down 117 pips to 143.75.

US stocks look set to end a 9-day winning streak with S&P 500 futures down 0.8%.

The main item on the agenda is the 10 am ET release of the ISM services report for April. This one should capture the mood after tariffs but given that the manufacturing numbers held up ok and all indications are that services spending is fine, the stakes here are fairly low. The consensus is 50.2, down from 50.8 previously.

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