The U.S. dollar was seen trading broadly weaker across the board on Monday. The decline in the dollar came on rising uncertainty surrounding the U.S. trade policies against its trading partners. On the economic front, data showed that Australian retail sales increased 0.4% on the month. This beat estimates of a 0.3% increase.
In the UK, construction PMI remained stable at 52.5 on the index, unchanged from April. This beat market forecasts of a decline to 52.0.
Looking ahead, the economic calendar for the day will see the release of the services PMI data from the Eurozone and the UK. The services PMI in the UK is forecast to rise to 52.9, marking a slight increase from 52.8 registered in April.
The ECB President, Mario Draghi is expected to speak later in the day. His comments come just a week before the ECB’s meeting. In the U.S. trading session, the ISM’s non-manufacturing PMI data is expected to show an increase to 57.9, marking an increase from 56.8 seen in April.
