The dollar came under renewed downside pressure this week

The dollar came under renewed downside pressure this week, resuming the decline following short-lived gains seen on Thursday due to strong jobless claims data. While US 10-year yields bounced off lows near the 1.54% level, the USD index was getting weaker, challenging the 91.00 marks ahead of the weekend. EURUSD came off lows under the 1.2000 psychological level, rebounding to the 100-DMA. The euro derived extra support from upbeat economic data out of the Eurozone. The manufacturing PMI improved from 62.5 in March to 63.3 in April and beat 62.0 expectations. Furthermore, the gauge hit the highest since June 1997. Services PMI jumped to eight-month highs of 50.3 in April versus 49.1 expected and 49.6 last.