• The index faces some selling pressure and recedes to 103.20.
• Risk appetite regains traction and weighs on the greenback.
• ADP report, weekly Claims, ISM Services next on tap

The greenback comes under further downside pressure and approaches the key 103.00 region when tracked by the USD Index (DXY) on Thursday.

USD Index looks at data

The renewed improvement in the risk complex puts the dollar under some mild downside pressure and relegates the index to trade in the proximity of the key support at 103.00 the figure in the wake of the opening bell in Euroland on Thursday.

There are no meaningful changes to the monetary policy front so far, as investors continue to anticipate a 25 bps rate hike by the Federal Reserve at its meeting later in the month. On this, the imminent publication of the Nonfarm Payrolls (Friday) and US inflation figures (July 12) should have their say in the Committee’s decision on rates.

In the US docket, the labour market will take centre stage with the publication of the ADP report and the usual weekly Initial Jobless Claims, all preceding the relevant ISM Services and the final print of the S&P Global Services PMI