Dollar Slides on Weak Economic Reports

The US dollar is down by 0.20% today due to the strength of stocks and weak economic reports, according to recent data.

The July ADP employment change rose by +44,000, which was weaker than expected at +65,000. The July ISM services index also fell short of expectations, rising only +0.1 to 54.1.

Kansas City Fed President Jeff Schmid commented that tighter monetary policy is needed to reduce inflation, stating 'I do not see the current stance of monetary policy as restrictive.'