US Dollar alternates gains with losses ahead of Nonfarm Payrolls

The US Dollar (USD) kicks off the European session in an inconclusive fashion around the 104.20-104.30 band when tracked by the USD Index (DXY) at the end of the week, giving away part of Thursday’s marked advance, although maintaining in place the range-bound trade seen in the past couple of weeks.

The US Dollar Index keeps the vacillating price action in the low 104.00s. US slowdown concerns lent support to the Greenback post-Fed. The July Nonfarm Payrolls will be the salient event on Friday. The US Dollar kicks off the European session in an inconclusive fashion around the 104.20-104.30 band when tracked by the USD Index at the end of the week, giving away part of Thursday’s marked advance, although maintaining in place the range-bound trade seen in the past couple of weeks.

Unabated geopolitical concerns in the Middle East remain a source of strength for the Greenback for the time being. CME Group’s FedWatch Tool continues to fully price in lower rates in September. Short-term technicals on the US Dollar The US Dollar Index maintains the trade around the key 200-day SMA at 104.29. A convincing breakdown of this region should leave the index vulnerable to extra losses in the short-term horizon. That said, initial support emerges at the July low of 103.

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