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The dollar index continues to lose further ground under 97 mark on Thursday ahead of highly-anticipated US Nonfarm Payrolls (NFP) data for June. Yesterday, the ADP National Employment Report showed US private payrolls fell for the first time in more than two years in June. US private-sector payrolls decreased 33,000 in June after a downwardly revised 29,000 gain in May, adding to concerns of a weakening labor market. This figure came in below the market consensus of 95,000. The dollar index is lingering around a three and half year low and is currently quoting at 96.41, down marginally on the day. Easing geopolitical tensions in the Middle East has also reduced safe haven demand for the greenback. Meanwhile, Federal Reserve Chair Jerome Powell said during the week that the U.S. central bank would have eased monetary policy by now if not for President Donald Trump's tariff plan. Powell's admission comes as the Fed has entered a holding pattern on interest rates despite mounting pressure from the White House.
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