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Dollar Index holds near 99.92 ahead of July US NFP data

Traders are watching July nonfarm payrolls at 12:30 GMT for clues on Federal Reserve rate expectations, with the DXY pinned below the 20-day EMA.

Reported · Written up by our desk · Major Pairs

The US Dollar Index, which tracks the greenback against six major currencies, was little changed on Friday at around 99.92 as markets awaited the July Nonfarm Payrolls release at 12:30 GMT, according to FXStreet. FXStreet said the next jobs data is expected to heavily influence Federal Reserve interest rate expectations. The Dollar Index spot was also described as holding a bearish near-term bias while trading below the 20-day exponential moving average near 100.46. The report cited technical levels as investors weigh the potential impact of the NFP print, noting the index was trading inside a flat range and that the Relative Strength Index at 39.62 remained below the neutral 50 level, signaling ongoing downside pressure. On the downside, FXStreet pointed to structural support near 99.49 to 99.48, where prior lows and the lower band of a descending channel converge. It added that a break below that zone could expose the index to 99.00, while a daily close above nearby resistance around 100.04 and the 20-day EMA at 100.46 would be needed to ease the bearish tone, it said.

Latest closeDollar index 99.98 ▲0.3%

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