Dollar Rebounds from Session Lows Amid Beaten PMI Estimates

The U.S. Dollar Index has rebounded from its session lows after the release of composite PMI data, which beat analyst estimates.

Manufacturing PMI declined from 53.9 in July to 53.2 in August, while Services PMI improved from 54.6 to 56.8, exceeding expectations.

The U.S. economy remains in good shape, with the reports indicating expansion above the 50 threshold.

Looking at individual currency pairs, EUR/USD gained some ground as traders focused on Euro Area PMI data, but remained stuck near 1.1700.

GBP/USD moved higher as UK Services PMI exceeded analyst expectations, while USD/CAD remains under pressure due to strong demand for commodity-related currencies.