The US Dollar is losing steam ahead of the release of the US PCE Price Index report.
A moderately hawkish BoJ Governor Kazuo Ueda and better-than-expected Eurozone GDP figures have weighed on the USD.
Failure to break the 104.55 resistance has brought 103.90 support into focus.
The US Dollar Index (DXY) edges down on Thursday, extending the mild losses seen over the last four sessions. Still, the US Dollar (USD) remains near three-month highs and is on track to close its best monthly performance in more than two years.
US macroeconomic data continues endorsing the rhetoric of a strong economy in a period of global slowdown, which gives the USD a competitive advantage against the rest of the major currencies.
The ADP employment report beat expectations on Wednesday, easing concerns about a deterioration of the labour market and improving investors’ expectations about Friday’s Nonfarm Payrolls (NFP) report.
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