US dollar dips after softer services PMI, declining comsumer sentiment ...Middle East

The European numbers beat estimates while the US services survey surprisingly slumped to the lowest since April. The reading of business sentiment fell to 52.8 from 56.5 while the reading of consumer sentiment from the University of Michigan was revised to 71.1 from 73.2.

The pound, however, was able to make a new high and is up 100 pips to 1.2451.

I think most of these moves are about Trump's toned-down rhetoric on tariffs but they also highlight a dangerously-crowded USD trade.

This article was written by Adam Button at www.forexlive.com.

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