The US Dollar breaks lower on Thursday after jobless data starts to turn ugly.
Traders watch as the Greenback capitulates ahead of the US Nonfarm payrolls print.
The US Dollar Index sinks below 103 and could head to 102.
The US Dollar (USD) is getting hammered after a very choppy Thursday where three key elements were enough to punish the Greenback. The first of these was a headline from the US Defense saying that plans had been approved for strikes in Iraq, according to CBS. The second element was a more than double positive print in the US Challenger Job Cuts number which shows the number of layoffs is picking up. Add to that both the Initial and Continuing Weekly jobless Claims ticking up as well, and it could be an early sign that the job market is starting to turn.
On the economic front, traders are bracing for two big elements this Friday: the US Jobs Report is the first, where the Nonfarm Payroll Change number will be of importance. Though traders will also look at the Unemployment Rate and the Average Hourly Earnings numbers as well, to further get confirmation after the jobless data from Thursday, as to whether economic growth in the US is starting to turn. To close off this Friday, the University of Michigan is set to publish its Michigan Consumer Sentiment Index
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