DXY stays pressured under 97 mark despite stronger than expected US nonfarm payrolls

The US dollar index stays pressurized under 97 mark on Thursday despite improved US economic data which provides some relief to concerns about the state of the US labor market. Data released by the Bureau of Labor Statistics on Wednesday showed that the US economy added 130,000 jobs in January, above the market consensus of 70,000. The Unemployment Rate edged lower to 4.3% in January versus 4.4% prior, better than the forecast of 4.4%. Meanwhile, Feds Hammack said that the unemployment rate is stabilizing, following the upbeat January Nonfarm Payrolls (NFP) report. Meanwhile, Kansas City Fed President Jeff Schmid stated that the central bank needs to keep rates at restrictive levels to continue putting downward pressure on inflation and added hes not seeing many indications of restraint in the economic data. Investors now shift attention to the release of the latest US consumer inflation figures on Friday, which could offer more cues about the Fed's rate-cut path. The dollar index that measures the greenback against a basket of currencies is quoting at 96.88, up 0.16% on the day.

 

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