Nonfarm Payrolls data reported by the US Bureau of Labor Statistics came in higher than expected.
Average Hourly Earnings for February unveiled a lower figure than expected, while the Unemployment Rate increased.
Markets are still seeing the first cut in June.
The index will close out a 1% losing week, its worst performance since December.
The US Dollar Index (DXY) is trading near 102.60 on Friday, recording a loss. The driving factors for these movements largely include the dovish stance of the Federal Reserve (Fed) Chair, Jerome Powell, and the weak performance of the US labor market in February.
Despite the Nonfarm Payrolls (NFP) report for February showing that the US Unemployment rate increased while Earnings mildly eased, markets are still betting that the easing cycle will begin in June. For the next session, the USD may suffer additional losses as investors fear an economic slowdown.
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