The dollar index, which measures the currency against six major peers including the yen and euro, rose 0.191% at 104.840 but was not far off Thursday’s low of 104.56, the lowest since August 11.
The latest signs of a strong US economy come after Federal Reserve Chair Jerome Powell said on Wednesday that it was time to slow rate hikes, noting that “slowing down at this point is a good way to balance the risks.” Investors now turn their attention to nonfarm payrolls data on Friday for clues about how rate hikes have affected the labour market.
The prospect of the Fed slowing its pace of monetary tightening has rejuvenated investor sentiment and sent the dollar tumbling after four straight 75 basis points hikes that fuelled much of the greenback’s ascent this year.
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