• DXY moves away from the YTD low set on Wednesday, albeit lacks bullish conviction.
• A modest uptick in the US Treasury bond yields offers some support to the Greenback.
• Rising odds for a larger Fed rate cut in September should cap any meaningful upside. 

The US Dollar (USD) edges higher during the Asian session on Thursday and for now, seems to have snapped a four-day losing streak to a fresh YTD low touched the previous day. The uptick, however, lacks bullish conviction, with the USD Index (DXY), which tracks the Greenback against a basket of currencies, trading with gains of less than 0.10% for the day, around the 101.25 region. 

A modest rebound in the US Treasury bond yields is seen as a key factor lending some support to the buck, though any further appreciating move seems elusive amid dovish Federal Reserve (Fed) expectations. The preliminary annual benchmark review of employment data published by the US Bureau of Labor Statistics showed that US employers added 818,000 fewer jobs than were reported during the year through March. This suggests that the US labor market is not as strong as estimated and supports prospects for a more aggressive policy easing by the Fed.