• ISM Services PMI figures from March were weaker than expected. ADP numbers were strong.
• The odds of an interest rate cut somewhat increased for the June Fed meeting.
• The focus is set on Friday’s Nonfarm Payroll report.

The US Dollar Index (DXY) is currently trading at 104.3, reflecting a daily decline. Despite the Federal Reserve's (Fed) cautious stance, consensus forecasts indicate that the beginning of the easing cycle will begin in June. That being said, mixed data from the US economy may make Fed officials think twice about rushing to start cutting.

The US labor market remains resilient as well as the overall economy, with little signs of a slowdown. In case the economy doesn’t show conclusive evidence of cooling down, the Fed might consider delaying the start of the easing cycle.