{"id":107701,"date":"2024-11-01T00:04:00","date_gmt":"2024-10-31T20:04:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=107701"},"modified":"2024-11-01T01:08:52","modified_gmt":"2024-10-31T21:08:52","slug":"us-dollar-softens-ahead-of-nfp-report","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/us-dollar-softens-ahead-of-nfp-report\/11\/01\/market-updates\/","title":{"rendered":"US Dollar Softens Ahead of NFP Report"},"content":{"rendered":"\n<p>The US Dollar weakened on Thursday, despite persistent inflationary pressures and lower-than-expected jobless claims. The Personal Consumption Expenditure (PCE) Price Index, a key inflation gauge, rose 2.1% year-over-year in September, while core PCE remained steady at 2.7%. Additionally, initial jobless claims declined to 216,000, defying market expectations of an increase.<br><br><strong>Market Focus on NFPs<br><\/strong><br>The upcoming Nonfarm Payrolls (NFP) report on Friday is a major market event. Economists anticipate a significant slowdown in job growth, with an estimated 113,000 new jobs added in October. Any surprises in the NFP data could significantly impact the US Dollar and the Federal Reserve&#8217;s monetary policy outlook.<br><br><strong>DXY Technical Outlook<br><\/strong><br>The US Dollar Index (DXY) is currently consolidating around the 104.50 support level. While technical indicators suggest a potential downward trend, the index may find support at the 200-day Simple Moving Average (SMA) near 103.50.<br><br><strong>Key Levels:<br><\/strong><br>Support: 104.50, 104.30, 104.00<br>Resistance: 104.70, 104.90, 105.00<br><br>In essence, the US dollar&#8217;s recent weakness is primarily driven by profit-taking and market anticipation of a potential rate cut by the Federal Reserve. The upcoming NFP report will be crucial in determining the short-term direction of the dollar.<br><br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Dollar weakened on Thursday, despite persistent inflationary pressures and lower-than-expected jobless claims. The Personal Consumption Expenditure (PCE) Price Index, a key inflation gauge, rose 2.1% year-over-year in September, while core PCE remained steady at 2.7%. Additionally, initial jobless claims declined to 216,000, defying market expectations of an increase.Market Focus on NFPsThe upcoming Nonfarm &hellip;<\/p>\n","protected":false},"author":13,"featured_media":95351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6877,7957],"class_list":["post-107701","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-dollar","tag-nfp-data"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/107701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=107701"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/107701\/revisions"}],"predecessor-version":[{"id":107719,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/107701\/revisions\/107719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95351"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=107701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=107701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=107701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}