US Dollar closes a third consecutive losing week, focus shifts to employment data

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• The DXY Index is seen with losses around 103.15, after reaching a high of 103.70, above the 200-day SMA.
• Fed Chair Powell warned that the bank will hike again if needed, keeping its data-dependency approach.
• The US ISM Manufacturing PMI declined in November, as expected.
• Next week, the US will release November’s Nonfarm Payrolls report.

The US Dollar (USD) Index has shown a modest decline, trading at 103.15, despite Federal Reserve Chair Jerome Powell’s hawkish stance. The November ISM Manufacturing PMI came in lower than expected but didn’t trigger any significant downward movements in the Greenback. What seems to weaken the currency is that markets aren’t buying Powell’s hawkishness.