US Dollar Nears 103 Mark Amid Tepid Economic Cues

Published on Mar 07, 2024 12:44

The dollar index continued its downstream, trading near 103.2 in Asian trading on Thursday, near its lowest levels in a month. Federal Reserve Chair Jerome Powell`s comments suggesting a potential easing of restrictive policy "at some point this year" contributed to the dollar`s weakness. Additionally, US private employment data for February and JOLTS reports came in pale. Market focus turned to Powell`s Senate appearance, along with upcoming data on jobless claims, trade balance, and consumer credit. The dollar weakened broadly, particularly against the Japanese yen, as investors awaited the European Central Bank`s policy decision.