The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, kicks off the new week on a positive note and builds on its recent bounce from the lowest level since early February touched last Wednesday. This marks the fourth successive day of a positive move for the buck, though lacks follow-through or bullish conviction amid the uncertainty over the Federal Reserve's (Fed) rate-hike path.
The mostly upbeat US monthly employment details released on Friday suggested that the US central bank may have to raise interest rates next month. In fact, the headline NFP showed that the US economy added 236K new jobs in March against market expectations for a reading of 240K. Furthermore, the jobless rate edged down to 3.5% from 3.6% the previous, while Average Hourly Earnings rose 0.3% during the reported month. The annual wage gains, meanwhile, slowed, though remain too high to be consistent with the Fed's 2% inflation target and support prospects for further policy tightening.
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