The dollar index (DXY00) this morning is down by -0.32% and fell to a 1-week low. The dollar came under pressure today after the U.S. Feb ADP employment report showed companies hired fewer workers than expected, a dovish factor for Fed policy. The dollar extended its losses after Fed Chair Powell said it would likely be appropriate to begin lowering borrowing costs "at some point this year." Strength in stocks today has also reduced liquidity demand for the dollar.
The U.S. Feb ADP employment change rose +140,000, weaker than expectations of +150,000.
