USD weakens as factory orders miss expectations, DXY falls 0.2%
The US Dollar Index (DXY) declined 0.2% to 104.35 following disappointing April factory orders data that came in at -3.7%, worse than the -3.1% forecast. The miss adds to concerns about US manufacturing weakness, with durable goods orders confirming a sharp -6.3% decline. Ex-transportation orders showed marginal softness at -0.5% versus -0.4% previously, while nondefense capital goods excluding aircraft fell -1.5%, indicating reduced business investment. The data reinforces the manufacturing sector's struggles amid high interest rates and weakening demand. Technical analysis shows DXY testing support at 104.30, with resistance at 104.80. Major pairs like EUR/USD and GBP/USD gained ground against the dollar, rising 0.15% and 0.18% respectively. Traders are now focusing on upcoming ISM Services PMI data for further direction on the dollar's trajectory.
Related Symbols:
DXY
EURUSD
GBPUSD
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