The dollar index held steady around 106.3 on Thursday after experiencing increased volatility in the previous session as investors continued to assess the outlook for Federal Reserve monetary policy.
On Wednesday, Fed Chair Jerome Powell indicated that the central bank was in no rush to cut interest rates, citing stronger-than-expected growth, a strong labor market and persistent inflation pressures.
Meanwhile, data showed that U.S. service sector growth slowed more than anticipated in November. The probability of a 25 basis point rate cut in December increased to about 79%, up from 66.5% last week.
Investors now turn their attention to Friday's November jobs report for additional insight into the Fed's policy direction. Elsewhere, the dollar remained supported against the euro and the South Korean won, supported by political turmoil in France and South Korea.
Source: Trading Economics
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