After weakening due to the Federal Reserve cut interest rates on Tuesday, yesterday the dollar regained its strength. Fears that other central banks could follow suit and cut interest rates took hold. However, the greenback is slightly weaker this morning on news that California declared a state of emergency after reporting its first coronavirus death.
Positive data gave the greenback some support yesterday, including US private payrolls, which increased more that expected in February. Services sector activity also reached a one-year high, suggesting a fundamentally strong economy despite the coronavirus outbreak.
Today, we’ll see the release of Jobless Claims and Factory Orders data.
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