Dollar is under pressure after the US jobs data

The dollar fell on Wednesday after data showed a decline in new jobs in the United States, while all eyes were on the Federal Reserve’s decision later on Wednesday regarding interest rates.

Data on Tuesday showed new jobs fell in the United States for the third month in a row in March, and the rate of layoffs was the highest in more than two years, which means a slowdown in the labor market, which may help the Federal Reserve to combat inflation.

The dollar index, which measures the greenback against six rival currencies, fell 0.029 percent to 101.820, after falling 0.245 percent on Tuesday.

The Fed is widely expected to raise interest rates by 25 basis points on Wednesday. Investors will focus on any indications the bank issues as to whether it will pause interest rate hikes or continue tightening.

Meanwhile, the euro rose 0.12% to $1.1012, after rising 0.2% on Tuesday evening ahead of the European Central Bank’s meeting on Thursday.

The Japanese yen also increased 0.11 percent to 136.40 per dollar, offsetting some of the losses incurred last week when the Bank of Japan stuck to its ultra-easy monetary policy. Keep an eye out for more rate hike decisions