The US Dollar Index is trading slightly lower overall on the day and week and retains a generally soft undertone which leaves directional risks for the USD overall tilted to the downside still.

US trading desks will be lightly populated today and a quiet session is likely. But there is some data on tap in the form of S&P Global PMI data for the US. The preliminary November data are expected to reflect some slowing in US activity; manufacturing may slip back under 50 – if only barely – while the services and composite readings are expected to reflect slower expansion. Weak – or weaker than expected – data will weigh on the USD, given its soft undertone.