The U.S. dollar drifted lower against its major counterparts on Friday after data showing a drop in wage growth and a contraction in U.S. service sector activity raised hopes the Federal Reserve will continue to slow their aggressive pace on interest rate hikes.
The report from the Institute for Supply Management showed U.S. service sector activity unexpectedly contracted in the month of December. The ISM said its services PMI tumbled to 49.6 in December from 56.5 in November, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 55.0.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
For comments and feedback: editorial@rttnews.com