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The dollar index rose on Thursday, breaking a four-day losing streak as markets anticipated Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole symposium.
The dollar extended its recent losses against major currencies on Wednesday after revised data showed U.S. hiring over the past year was significantly weaker than initially reported.
The dollar index continued its downward trend on Tuesday, recording its largest three-day loss since mid-December.
The U.S. dollar experienced broad declines against major currencies on Monday, as investors increasingly anticipate that Federal Reserve Chair Jerome Powell might signal an interest rate cut at the upcoming Jackson Hole symposium.
The upcoming week presents a critical period for financial markets as investors anticipate key events that could significantly impact global economic sentiment.
n North American afternoon trading, the U.S. Dollar Index (DXY) climbed to 102.94, marking a 0.33% gain.
The USD Index slipped by 0.1% to 102.51 near the close of the North American session as the market absorbed a mix of mostly in-line data, including CPI figures.
The USD index saw a significant decline, dropping 0.33% to 102.76 during North American afternoon trading, in response to weaker-than-expected U.S. Producer Price Index (PPI) data.
The USD index held steady at 103.21, experiencing only minor fluctuations within a narrow trading range. This stability reflects the market's anticipation of significant economic data due later in the week.
The market was influenced by a mix of economic data, central bank expectations, and risk sentiment adjustments as the week progressed.