DXY: The dollar falls from its 10-week high as rate hikes and job data cause investors to be wary

The US dollar is getting a lot of news at once, which is making it stand still and stabilise below its recent highs.

The US dollar index (DXY) went down yesterday, just after reaching its highest point in ten weeks. Even though the average still ended the day in positive territory, it mostly stayed around the 104.30 mark. Does the dollar's rise look like it's running out of steam?

Yes, the dollar has been doing very well compared to its big peers. It took away almost 4% of the value of the euro in the EUR/USD pair just in May. Not much has changed elsewhere, either. The GBP/USD is down about 1%, and the USD/JPY is up more than 2% in the same time period.

The latest jobs numbers will be looked at by dollar bulls on Friday. The rate of growth in the job market will be shown by the nonfarm payrolls for May. Analysts are looking at 180,000 new hires, which is less than April's 253,000 new jobs. As for the rate hikes, Fed officials hinted that they might not raise rates in June but would do so later.