The US Dollar remained moderately offered. In the view of economists at ING, today's PMI numbers should help limit downside exposure for the Dollar.

PMIs lead the way

“Preliminary PMIs will be released across developed markets today, and despite the surveys not being as highly regarded as the ISM in the US, that elevated sensitivity to data likely makes today’s releases a risk event for the Dollar.”

“Some improvement in the market’s sentiment around the health of the service sector in the US should help limit downside exposure for the Dollar. In that case, DXY may hold around 102.00 today unless PMIs in Europe surprise to the upside.”

See – EU PMI Preview: Forecast from three major banks, rising from the ashes