The Greenback has found a firm bidding floor after weeks of being pinned to boards.
With Fed rate cuts contingent on labor data, expectations for more cuts hang in the balance.
Geopolitical risks remain a key sticking point for global markets on Wednesday.
The US Dollar (USD) Index (DXY) rose for a third consecutive day as broad-market risk appetite takes a beating. Geopolitical concerns have weighed down investor sentiment this week as conflicts in the Middle East bubble over, and better-than-expected US job data is crimping hopes for follow-up jumbo rate cuts from the Federal Reserve (Fed).
US ADP Employment Change figures printed far higher than markets expected on Wednesday, making it difficult for investors to keep hoping for outsized rate cuts after several Fed officials hit the newswires this week warning that September’s 50 bps rate cut was likely a one-off and not a signal of future policy.
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