FXStreet (Edinburgh) – The greenback, in terms of the US Dollar index, has left the area of session highs and has now returned to the 97.80 region, near daily lows.
US Dollar choppy ahead of NFP
Despite the ongoing correction lower, the index remains in the upper bound of the recent range near the critical 98.00 mark ahead of the key Non-farm Payrolls in the US economy due on Friday. Market expectations have placed their bets just above the 220K level, which in case of materializing will surely give the greenback an extra boost and the notion of a September’s lift-off could gain further traction amongst market participants.
In the data space, US Initial Claims have surprised to the upside, coming in at 267K for the week ended on July 31st, surpassing previous estimates.
US Dollar relevant levels
As of writing the index is retreating 0.16% at 97.80 and a break below 97.21 (low Aug.4) would open the door to 96.29 (low Jul.27) and then 95.63 (low Jul.23). On the upside, the initial hurdle aligns at 98.22 (high Aug.5) ahead of 98.46 (high Apr.21) and finally 98.73 (high Apr.16).
(Market News Provided by FXstreet)