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Dollar Index: Waiting for the ECB & Our Forecast

The dollar came under pressure Wednesday after the U.S. Feb ADP employment report showed companies hired fewer workers than expected, a dovish factor for Fed policy. The dollar extended its losses as T-note yields dropped after Fed Chair Powell said it would likely be appropriate to begin lowering borrowing costs “at some point this year.” Strength in stocks Wednesday also reduced liquidity demand for the dollar.

The U.S. Feb ADP employment change rose +140,000, weaker than expectations of +150,000. The U.S. Jan JOLTS job openings fell -26,000 to 8.863 million, showing a slightly stronger labor market than expectations of 8.850 million.

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