- The DXY index moves within a tight range around 94.30.
- US yields attempt a slight rebound on Friday.
- The focus will be on October’s NFP Nonfarm Payrolls.
The US dollar DXY index, which measures the strength of the dollar against a basket of major currencies, moves within a narrow range in zone 94.30 during the European session on Friday.
DXY Index Targets 2021 Highs, Focus on NFP
The DXY index remains stable within a consolidation range prior to publication of NFP nonfarm payrolls of the United States for the month of October.
In the US bond markets, returns through the curve attempt a shy bounce after moderate losses on Thursday.
On the American economic calendar, the economy is expected to have created 450,000 jobs over the past month, while the unemployment rate is forecast to drop to 4.7%.
Relevant levels of the US dollar DXY index
At the time of writing, the DXY index is gaining 0.01% on the day, trading at 94.34. A break above 94.47 (Nov 4 high) would open the door to 94.56 (Oct 12 high) and then to 94.74 (September 2020 high). On the other hand, the next support is at 93.42 (55-day SMA), followed by 93.27 (October 28 low) and finally 92.98 (September 23 low).
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
