US Dollar Steady Ahead of Crucial Non-Farm Payrolls Data

4 Agu 2023

The US dollar is trading within a narrow range as Friday’s session gets underway. The focus of everyone is now set on the release of the all-important Non-Farm Payrolls later today. The US employment data is expected to reveal that 200,000 new jobs were created in the country during July, and if these predictions are confirmed, they will likely drive dollar strength. The index that measures the greenback’s performance versus a basket of other major currencies has so far this month gained almost 0.7%, and further positive news is likely to consolidate these gains and create more upside. The soft landing of the US economy, by which we mean bringing inflation under control without crashing the economy, looks increasingly within reach, and a positive jobs report today would enhance such hopes, creating scope for further dollar gains.

Ricardo Evangelista – Senior Analyst, ActivTrades