US DOLLAR TRADES IN RED FOLLOWING POWELL'S SPEECH, ADP DATA

• JOLTs Job Openings data for January disclosed lower-than-expected figures.
• ADP Employment Change for February also came in weak.
• Powell confirms that the Fed needs additional evidence to start cutting.

The US Dollar Index (DXY), trading at the 103.20 level, is experiencing losses on Wednesday. Contributing to these dynamics is the report of soft January's JOLTs Job Quits and Job Openings reports, along with the ADP Employment Change report for February. Following the testimony before the US Congress, Federal Reserve (Fed) Chair Jerome Powell confirmed that the bank isn’t ready to start cutting rates.

The US labor market data coming on Thursday and Friday will continue shaping the expectations on the Fed’s timing of the easing cycle. As for now, the consensus is that the first cut will likely come in June.