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Dollar index (USDX) steadies at lower levels in Asian trading

The dollar got mauled yesterday, but not before it had pushed higher initially after the ECB policy decision. The slide that eventually followed, even as the ECB boss gave clues that a cut in June was probably on the cards. Perhaps the markets wanted something sooner and then the Fed boss did his thing and gave the impression that is is really a Dove, when most pundits think he is neutral, when it comes to monetary policy determination. Whatever the exact reason, the further slippage in US bond yields did the trick and the dollar was sent to the naughty corner. The USD index (USDX) fell from a post ECB decision high, at 103.33, to a low at 102.80, where it closed last night. Of course the slide in the USD/JPY yesterday led all this and the Yen remained on the front foot all the way into that US close too. However, the dollar has steadied in Asian trading today, ahead of the US jobs report later on. That report is going to need to be good, or else the US currency many struggle again today. The USD index is just now trading at 102.80, up from an earlier session low at 102.72
 

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