Initial Jobless Claims released by the US Department of Labor were slightly higher than expected.
Unit Labor Costs from Q4 also came in weak.
Markets await February’s Nonfarm Payrolls figures on Friday.
The US Dollar Index (DXY) dipped to the 103.1 level on Thursday, so far tallying a near 0.60% weekly decline. This downward movement can be attributed to the rise in Initial Jobless Claims for the week ending March 2 and the lower-than-expected Unit Labour Costs from Q4. On Friday, data on the Unemployment Rate, Average Hourly Earnings and NonFarm Payrolls from February arrive, and they will likely set the pace of the DXY in the short term.
In case the US reports additional labor market data on Friday, hopes of rate cuts arriving soon may add further pressure to the Greenback.
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