The US Dollar is experiencing mixed movements on Friday as markets anticipate the release of the US Nonfarm Payrolls report. Weaker-than-expected NFP data could fuel expectations for more interest rate cuts from the Federal Reserve, potentially leading to a decline in the US Dollar Index (DXY).
The US Dollar trades mixed this Friday ahead of the US Nonfarm Payrolls release. Markets expect weaker Nonfarm Payrolls data to spark more interest rate cut expectations from the Fed. The US Dollar Index is back near pivotal support at 107.35 and could rip through it on a weaker NFP print. The US Dollar Index , which tracks the performance of the US Dollar against six major currencies, trades at 107.
30 was briefly surpassed but did not hold on Monday. Once that level is reclaimed, the next level to hit before advancing further remains at 110.79 . On the downside, the October 3, 2023, high at 107.35 is still acting as support while the Relative Strength Index has used the rather calm last three days to catch a breather and now has more downside room to pull the DXY lower. Hence, look for 106.52 or even 105.98 as better support levels.
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