
The dollar index (DXY00) today is down by -0.31% at a 4-month low. The dollar has fallen every day this week and remains under pressure due to the negative impact of US tariffs on the US economy. Losses in the dollar accelerated today on the dovish US Feb payroll report that showed nonfarm payrolls and average hourly earnings rose less than expected, and the unemployment rate unexpectedly moved higher. Losses in the dollar are limited due to hawkish comments from Atlanta Fed President Bostic that suggest he favors holding monetary policy steady for the foreseeable future.
For the rest of this week, market attention will focus on Fed Chair Powell’s keynote speech on the economic outlook later today at Chicago Booth’s 2025 US Monetary Policy Forum.