Friday’s US job report is set to see 750K positions created in August. Economists at DBS Bank expect the US Dollar Index (DXY) to break above the 93 level on strong figures. DXY is currently hovering around 92.50.
Weak NFP to drag DXY below 92
“Unless we get a big miss like the April NFP, the DXY index is unlikely to trade below 92 this week. Conversely, a stronger jobs report could propel DXY above 93 too.”
“In the short-term, our models indicate no strong trend in the short-term. Best to pay attention to key levels first.”
