The dollar came under pressure as markets reassessed bets on interest-rate cuts, retreating as policy easing in Canada shifted focus to the US rate path. Investors are also anticipating a potential rate reduction by the European Central Bank when policymakers meet on Thursday.
Ahead of this week’s US jobs report, a private payrolls reading on Wednesday showed that hiring at companies grew at the slowest pace since the start of the year. Meanwhile, the services sector expanded at its fastest pace in nine months, driven by the largest monthly gain in business activity since 2021.
In commodities, oil prices rose for a second consecutive session even as Saudi Arabia expressed concerns over demand by cutting crude prices. Saudi Aramco lowered prices for all its oil to Asia next month, marking the first reduction since February, amid worries about the strength of demand in its largest market.