The dollar index fell to around 104 on Thursday, reaching its lowest level in four months, as a stronger euro and the ongoing fallout from President Donald Trump's tariffs weighed on the currency.
Trump recently granted a one-month exemption for US automakers from his 25% tariffs on Canada and Mexico and expressed openness to further concessions.
However, new US tariffs on Canada, Mexico, and China have led to retaliatory measures from those countries, raising concerns of an escalating trade war that could impede US economic growth.
On the data front, traders are awaiting Friday's monthly jobs report after ADP data revealed that the US private sector added just 77,000 jobs in February, marking the smallest increase in seven months. Meanwhile, the dollar faced additional pressure from a rallying euro, as Germany's proposed 500 billion euro infrastructure fund and plans to overhaul borrowing rules boosted growth prospects for the Eurozone.
Source: Trading Economics
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