US Dollar Index slumps to 97 on additional rate cut expectations. Risk aversion caps pair’s gains for the time being. Coming up: Unit Labor Costs, Weekly Jobless Claims, Factory Orders from US. The NZD/USD pair extended its rebound for the fourth straight day on Thursday after slumping to a fresh multi-year low of 0.6178 at the start of the week. As of writing, the pair was up 0.38% on the day at 0.6320, a little below the weekly high that it set at 0.6334 earlier in the session. DXY turns south on Thursday The broad-based USD weakness seems to be helping the pair push higher on Thursday. The Federal Reserve’s emergency rate cut on Tuesday failed to trigger a long-lasting recovery in the US Treasury bond yields. With the yield on the 10-year reference losing more than 7%, the US Dollar Index (DXY) is testing the 97 handle ahead of the American session. In the meantime, the sharp drop in the yields causes markets to price an additional cut at the Federal Reserve’s March 17-18 meeting. According to the CME Group FedWatch tool, there is now a 60% chance for a 25 basis points rate cut. Later in the day, Unit Labor Costs and Nonfarm Productivity data for the fourth quarter will be featured in the US economic docket alongside the weekly Jobless Claims and Factory orders figures. However, unless there is a convincing rebound in the Treasury bond yields, the US Dollar Index is likely to remain vulnerable. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Upside remains firm and targets 1.1239 FX Street 3 years US Dollar Index slumps to 97 on additional rate cut expectations. Risk aversion caps pair's gains for the time being. Coming up: Unit Labor Costs, Weekly Jobless Claims, Factory Orders from US. The NZD/USD pair extended its rebound for the fourth straight day on Thursday after slumping to a fresh multi-year low of 0.6178 at the start of the week. As of writing, the pair was up 0.38% on the day at 0.6320, a little below the weekly high that it set at 0.6334 earlier in the session. DXY turns south on Thursday The broad-based USD weakness seems to be… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.