The US Dollar (USD) softened across the board on Wednesday. Economists at ING analyze Greenback’s outlook.
NFP data will be the bigger catalyst for a move
We doubt US data will move the Dollar much today and instead, investors are waiting to see if Friday's February NFP jobs release does indeed correct lower from the strong gains in January and December. Consensus is around 200K and any lower would probably be good for risk assets in that it would allow the short-end of the US yield curve to come a little lower.
Given the DXY is heavily weighted to European currencies and that we are negative on the Euro today, DXY should find some support in the 103.00/103.30 area today. Friday's NFP data will be the bigger catalyst for a move.
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