US: ISM Non-Manufacturing PMI drops to 53.7 in July, lowest since August 2016

• US ISM Non-Manufacturing PMI falls short of market estimates in July.
• Greenback weakens modestly on disappointing data, DXY stays in red.

 The Institute for Supply Management on Monday announced that the Non-Manufacturing PMI in July unexpectedly declined to 53.7 from 55.1 in June and worse than consensus estimates pointing to a rebound to 55.5.
 
The reading marked the lowest level since August 2016 and the initial market reaction turned out to be rather muted as the key focus remains on any fresh trade-related headlines.