Markets await US jobs data with 110,000 job additions expected, potentially influencing USD strength and Fed policy outlook.
The US Dollar Index (DXY) dipped to 101.20 in early European trading Thursday, retreating ahead of June’s Nonfarm Payrolls (NFP) report. Analysts forecast 110,000 job additions and a steady 4.3% unemployment rate, with weaker data likely pressuring the dollar.
Technical indicators remain bullish, as the DXY holds above its 20-day and 100-day moving averages. The 14-day RSI at 65 signals strong momentum, though not overbought. Resistance sits at 101.80, while support is seen at 101.05.
A stronger-than-expected NFP print could fuel a dollar rebound, according to market analysts. Traders are closely watching the report for clues on Federal Reserve rate cut timing.