US Dollar finds footing with mild gains following GDP and labor market data

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The US Dollar Index (DXY) is seen trading mildly down at 105.75 on Thursday and struggling to gain more ground following its extended rally in April.

US Q1 GDP reveals reduced expansion at 1.6% YoY. On the positive side, weekly Jobless Claims come in strong. Friday’s PCE data from March will dictate the pace of DXY in the short term. The US Dollar Index is seen trading mildly down at 105.75 on Thursday and struggling to gain more ground following its extended rally in April. The Index weakened following Gross Domestic Product data from Q1, but losses may be limited after strong labor market data was reported during the European session.

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