DXY | US Dollar Weakens as Soft ADP Data Bolsters Fed-Cut HopesU.S. Dollar Currency IndexTVC:DXYDatTongMacro approach: - The US dollar weakened after dovish remarks from Fed’s Williams and comments from US President Trump that helped ease geopolitical-risk concerns. - Meanwhile, ADP private-sector employment rose by just 38k, below the previous 46k reading and market expectations, reinforcing signs of softer labour demand and easing demand-driven inflation pressures. - The US dollar may remain range-bound ahead of today’s key PMI and productivity data, with markets also positioning for tomorrow’s nonfarm payrolls report. Technical approach: - After breaking below the ascending trendline and 99.50, DXY declined toward EMA78. The price is forming a lower swing, suggesting a potential downtrend shift. - If DXY closes below EMA78, it may decline further toward the immediate support at 99.10. - On the contrary, rebounding above 99.50 and the trendline may prompt a rise toward the next resistance at 100.00. Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness