US Dollar remains on the front side of the trend into the Fed, 102.50 eyed on hawkish outcome DollarIndex Fed CentralBanks Currencies
DXY bulls eye102.50 that guard 103.00 and a 38.2% Fibonacci retracement of the weekly bearish impulse.The US Dollar has made some modest gains in the build-up to the Federal Reserve this week and is starting out on the front foot on Monday and this was despite the data that showed falling US Consumer Spending and cooling inflation.
As for the US Nonfarm Payrolls, while it is expected to have continued to rise in January, the 175,000 increase in payrolls expected would be the smallest gain since a drop in December 2020. ''The labour market remains tight and layoffs are still very low. But the number of job openings has been edging lower and we look for a tick up in the unemployment rate to 3.6% from 3.5% in December,'' analysts at RBC Economics argued.
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