DXY: Dollar falls as traders become concerned about the US economy

The largest economy in the world is under pressure, suggesting that interest rates may be doing their job.

On Tuesday, the dollar fell across the board in response to indications that the American economy may be reaching a turning point. The Labor Department reported that the number of job openings in February decreased to 9.9 million from 10.7 million in January, indicating a significant downward trend.

The news quickly lowered the dollar's value, leading to widespread selling. The EUR/USD rose to levels near $1.10, while dollar-dominated pairs such as the USD/JPY and the USD/CHF declined by approximately 1% each. The dollar index, DXY, fell 0.75 percent on a daily basis.

The dollar is moving in a sideways direction on Wednesday morning, with the majority of moves remaining intact. The following item on the weekly agenda is the March employment report for nonfarm payrolls. Analysts anticipate that US employers added 240,000 new workers, a decrease from the 311,000 hired in February.