US Dollar takes a breather in its rally ahead of NFP
- The US Dollar is set to close off this week in the green.
- Tensions in the Middle East together with pared bets of big Fed rate cuts are fueling safe-haven inflows to the Greenback.
- The US Dollar Index broke the September high at 101.90 but the jobs report data will decide the next move.
The US Dollar (USD) consolidates on Friday after trading firmly stronger this week, with all eyes on the US Employment Report and specifically on the Nonfarm Payrolls (NFP) numbers. The data will be pivotal as strong figures could move the DXY further away from the tight range it has been moving so far this month. Meanwhile, if numbers turn out weaker than expected, the Greenback could fall back into the range .
The economic calendar is housing only one main element: the aforementioned US Jobs Report. As always, the Nonfarm Payrolls print will take the most attention. However, elements such as the Average Hourly Wages and the Unemployment Rate could be the second-tier data that in the end will drive the US Dollar higher or lower after the initial volatile reaction.
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