11:07 AM EDT, 04/03/2024 (MT Newswires) -- The US dollar was mostly lower Wednesday, weighed by an unexpected decline in the Institute for Supply Management's March services purchasing managers' index and after failing to garner support from an earlier employment report from the ADP Research Institute that topped forecasts.

Treasury yields rose for a third day as expectations for rate cuts this year fade, offering little support to the dollar as traders become increasingly concerned about the country's fiscal condition. Since the debt ceiling was suspended in June, the national debt has grown by over $3 trillion.

While the dollar is largely trendless against major Western currencies, foreign exchange markets are focused on weakness in Asian pairs, notably the Japanese yen and Chinese yuan. Authorities in Japan and China have been unsuccessful in stabilizing their respective exchange rates, raising fears of a currency war among export-dependent countries in the region.

The broad-based dollar index was off 0.4% at 104.4 near midday after being turned away by key technical resistance at 105.