Dollar fell in European trade on Thursday against a basket of major rivals away from two-week highs on active profit-taking, while US treasury yields tapered off.

The decline came ahead of crucial US GDP growth data for the first quarter of the year, in addition to unemployment claims data, which will offer fresh clues on the likely path ahead for US monetary policies.

The Index

The dollar index fell 0.2% today to 104.90, with the highest since May 14 at 105.18.

The index closed Wednesday 0.5% higher, the second profit in a row, and the largest daily profit since April 30 as US treasury yields spiked.

US Yields

US 10-year treasury yields fell by 0.6% today away from a four-week high at 4.638%, on track for the first loss in three sessions.

The decline comes ahead of a batch of US data and speeches by Fed officials.

US Rates

The odds of a Fed 0.25% interest rate cut in September stand at 49%, and the odds of such a cut in November stand at 62%.

According to the Fedwatch tool, investors are barely expecting a single Fed interest rate cut this year.

US Growth Data

Now investors await important US data, including GDP growth data, which is expected to clock in at 1.2% for the first quarter.

US unemployment claims data are expected up to 218 thousand last week from 215 thousand in the previous week.