The US Dollar Index (DXY) experienced a decline against major currencies on Wednesday, trading near 104.10 before falling below 104.00. This movement coincided with equity sell-offs and decreasing bond yields. Market participants are awaiting an announcement from US President Donald Trump regarding reciprocal tariffs, scheduled for 20:00 GMT. Details surrounding the tariffs remain unclear, contributing to market uncertainty. Wednesday’s economic data included the Automatic Data Processing (ADP) private sector employment report, which exceeded expectations. While the ADP data is not directly correlated with the Bureau of Labor Statistics’ Nonfarm Payrolls (NFP) report, its positive performance has influenced expectations for Friday’s NFP release.
