The U.S. dollar drifted lower on Friday, weighed down by data showing a contraction in U.S. business activity in the month of July, due to a slowdown in the services sector.
Expectations of sharp interest rate hike, and some disappointing earnings updates supported the greenback at lower levels, limiting its downside a bit.
Data from Markit Economics showed that according to flash estimates the S&P Global US Composite PMI registered a score of 47.5 in July, down notably from 52.3 in June to signal a solid contraction in private sector output.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.