USD stays heavy ahead of ISM services – BBH

FXStreetOct 3, 2025 10:22 AM

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The US Dollar (USD) is trading heavy within its recent range as narrowing US-G6 rate spreads cap relief rallies. With payrolls sidelined by the government shutdown, today’s ISM services print will guide near-term sentiment, BBH FX analysts report.

Narrowing yield gaps weigh on Dollar

"USD is trading heavy near the middle of its August-September range. Narrowing US-G6 rate differentials limit the scope for USD relief rallies. With the nonfarm payrolls data sidelined by the US government shutdown, the September ISM services report takes center stage today (3:00pm London, 10:00am New York). The headline index is projected at 51.7 vs. 52.0 in August."

"We anticipate the Fed to turn more dovish by the time of the December FOMC meeting because restrictive monetary policy can worsen the already fragile employment backdrop and upside risks to inflation are not materializing. Bottom line: USD downtrend is intact."

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