Failing to maintain its recovery for longer, the US dollar returned to a declining performance in trading on Wednesday.
While the JOLTS data on Tuesday came in with a positive reading, the ADP data report was published in the New York session yesterday with a surprising figure.
The increase in private employment in the United States (US) in May only recorded 37,000 when the market predicted a figure of 111,000.
The reading was also lower than the previous month at 60,000 and was the lowest in 2 years.
Adding pressure to the US dollar was when the ISM survey data for the US service sector recorded a figure below the 50 point level, indicating a contraction for the sector.
With that, President Donald Trump reiterated his call for the Federal Reserve (Fed) Chairman to lower interest rates further.
Investors will await the next clue through the US NFP employment report on Friday.
Shifting focus to current issues affecting market sentiment, President Trump signaled that a quick resolution to the tariff agreement with China may be difficult to achieve.
Trump described his counterpart, Xi Jinping, as a tough man and very difficult to reach an agreement.
It is reported that for now, the US has extended the suspension of tariffs on several Chinese goods until the end of August.
Meanwhile, the Russia-Ukraine war conflict remains tense, with President Vladimir Putin seen as uninterested in holding talks with Zelensky.
The peace talks that took place in Istanbul only lasted a short time with the Russian delegation unhappy with the overly pro-Ukrainian terms of the talks.
Also in focus in the New York session yesterday was the decision of the Bank of Canada (BOC) policy meeting which met the forecast for interest rates to be maintained at 2.75%.
For today (Thursday), the decision of the European Central Bank (ECB) meeting will be watched with expectations of interest rates being lowered by 25 basis points from 2.40% to 2.15%.
