US Dollar Index remains below 100.00 ahead of ISM Services PMI

The US Dollar Index steadies amid mounting speculation over the US-China trade outlook. Trump confirmed that trade negotiations with China are ongoing, but no direct talks are scheduled for this week. Trump confirmed he will not attempt to replace Fed Chair Jerome Powell before his term ends in May 2026. The US Dollar Index (DXY), which measures the US Dollar (USD) against a basket of six major currencies, is attempting to recover after opening with a gap down. The DXY is trading near 99.80 at the time of writing. The Greenback remains under pressure amid growing speculation surrounding the US-China trade outlook. Later in the North American session, traders will turn their attention to the US ISM Services PMI for further market cues. Over the weekend, US President Donald Trump confirmed that trade negotiations with China are ongoing, though he clarified that no direct talks with Chinese President Xi Jinping are scheduled for this week. On Friday, China’s Commerce Ministry stated it is reviewing a US proposal to resume trade discussions. Trump’s recent comments on tariffs have also drawn market interest, especially from US companies considering reshoring operations from China. Speaking on Sunday, Trump acknowledged the economic consequences of high tariffs, saying, “At some point, I’m going to lower them, because otherwise, you could never do business with them, and they want to do business very much.” In monetary policy, Trump confirmed he will not attempt to replace Federal Reserve (Fed) Chair Jerome Powell before his term ends in May 2026. Although he criticized Powell as “a total stiff,” Trump reiterated his belief that interest rates should be reduced eventually. In a separate policy announcement, Trump said he would direct the US Trade Representative and the Commerce Department to begin the process of imposing a 100% tariff on foreign-produced films. On the data front, Friday’s US Nonfarm Payrolls (NFP) report showed the economy added 177,000 jobs in April, exceeding forecasts of 130,000 but down from a revised 185,000 in March. The unemployment rate held steady at 4.2%, while average hourly earnings rose 3.8% year-over-year, matching the pace of the previous month. US Dollar PRICE Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Euro. The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). Source: https://www.fxstreet.com/news/us-dollar-index-remains-below-10000-ahead-of-ism-services-pmi-202505050739