The US Dollar Index (DXY), which measures the US Dollar (USD) against a basket of six major currencies, was trading around 104.00 during European hours on Thursday (06/03). The DXY extended its decline for the fourth straight day amid improving risk sentiment, boosted by another shift in US President Donald Trump's tariff strategy.
On Wednesday, the White House announced a temporary one-month exemption for automakers in Mexico and Canada from newly imposed 25% import tariffs. Additionally, Trump is considering exempting certain agricultural products from tariffs in both countries, according to a Bloomberg reporter at X.
President Trump also stated in a social media post that he is working with House Republicans on a continuing resolution to fund the government through September, as reported by Reuters.
The Federal Reserve's (Fed) March Beige Book carries added significance as concerns grow over the economic impact of Trump's trade policies. Signs of strain are starting to show in the US economy even before the full implementation of these measures.
The greenback remains under pressure amid concerns about slowing US economic momentum. The US ADP Employment Change for February reported just 77K new jobs, missing the 140K estimate and well below the 186K in January. Additionally, the US ISM Manufacturing PMI came in at 50.3, slightly below the 50.5 estimate and down from 50.9 in January.
Traders are now focused on Friday's US Nonfarm Payrolls (NFP) report, which is expected to show a slight improvement in job growth, with projections pointing to an increase to 160K in February, up from 143K in January. (FXstreet)
Source: FXstreet
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