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US Dollar continues down ahead of NFP reading
Friday, 7 March 2025 03:30 WIB | US DOLLAR |DOLLAR

The US Dollar Index (DXY) is extending its losing streak on Thursday as fresh labor market and trade data put additional pressure on the Greenback. Job cuts surged dramatically, while weekly jobless claims showed a mixed picture of the labor market.

Meanwhile, the European Central Bank (ECB) delivered a widely anticipated rate cut, with President Christine Lagarde emphasizing the need for heightened vigilance in uncertain economic conditions.
US Dollar down after an additional round of soft labor data, ECB
The latest Challenger Job Cuts report for February revealed a sharp rise in layoffs, more than doubling compared to January.
Continuing Jobless Claims climbed to nearly 1.90 million, signaling challenges in the employment market despite Initial Jobless Claims dropping to 221,000.
The European Central Bank lowered its deposit rate by 25 basis points to 2.50 percent, aligning with market forecasts and keeping policy on a steady path.
The ECB raised its inflation outlook for 2025, fueling concerns that persistent price pressures could complicate future policy decisions.
Christine Lagarde emphasized the importance of a data-driven approach, stressing that the ECB must remain flexible in an increasingly volatile economic environment.
Regarding Fed expectations, the CME FedWatch Tool now shows a growing probability of a Federal Reserve rate cut in June, with expectations surpassing 85 percent.

Source: Fxstreet

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