The dollar index held steady around 106.4 on Wednesday as investors continued to assess the direction of the Federal Reserve's monetary policy.
Data released Tuesday showed a modest increase in U.S. job openings in October, while layoffs declined, indicating worker confidence in the labor market. Traders are now focusing on the ADP private payrolls report on Wednesday and nonfarm payrolls data due Friday for further insight into labor market trends.
Federal Reserve Chairman Jerome Powell is also scheduled to speak in New York on Wednesday afternoon. Currently, markets are pricing in about a 75% chance that the Fed will cut interest rates by 25 basis points in December.
The dollar held steady against most major currencies but gained against the Australian and New Zealand dollars following weak GDP data from Australia. The dollar is also hovering near a two-year high against the South Korean won amid ongoing political turbulence in South Korea.
Source: Trading Economics
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