A disappointing July jobs report sparked hopes of a September rate cut as well as recession fears.
ISM Services data shows signs of improvement, overall economy remains strong.
Market prices in 125 bps of Fed easing by year-end.
The US Dollar (USD), measured by the DXY index, came under initial selling pressure at the start of Monday's session but later erased losses after the release of positive ISM Services figures for July. The index initially fell to 102.20 but recovered to trade around 102.70.
Despite the positive data, the market’s fear is that the US economic outlook turned weak and investors worry that the US might be headed toward a recession
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