Dollar index steadies near 99 mark; US Jobs data in focus

The dollar index is steadying close to 99 mark on Wednesday with focus on US jobs data that is expected to guide the way forward for Fed policies. JOLTs data yesterday showed job openings unexpectedly rose to 7.39 million in April, up from Marchs revised 7.2 million and well above the 7.1 million consensus forecastsuggesting continued labor market resilience. Meanwhile, Atlanta Federal Reserve President Raphael Bostic said that there is a great deal of uncertainty out there, making it quite difficult to forecast the economy with confidence. He said the best approach for monetary policy is patience and as the economy remains broadly healthy, we have space to wait and see how the heightened uncertainty affects employment and prices. The dollar index that measures the greenback against a basket of currencies is quoting at 99.28, up 0.12% on the day, recovering from a six week low.

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