The US Dollar Index hits weekly highs above 102.00, buoyed by risk-aversion following a tech sell-off and anticipation of today's critical October Nonfarm Payrolls data.
DXY is up 0.4% to weekly highs just above 102.00 on risk aversion after a tech-led equity rout and ahead of October's NFP. ADP and Jobless Claims beat expectations, and ING's Turner says a decent jobs number would support short-dated rates and the Dollar. The release at 13:30 GMT today is the decisive catalyst; consensus is 65K after 29K in September.
The Dollar Index has risen 0.4% to weekly highs above 102.00 as investors avoid risk after a tech-led fall in equity markets and position ahead of the October Nonfarm Payrolls report.
Today's NFP report: a reading above the 65K consensus is seen as bullish for the Dollar, while a weak figure is seen as bearish, with revisions and the Unemployment Rate also mattering.
Investors sold chipmakers' shares on concern that the Democrats' victory in the US midterm elections will bring tougher AI-sector regulation and push back plans to build new data centres, driving sharp declines in global equity markets. This tech-led rout is the source of the day's risk aversion, but the article names no specific figures for index levels.
Investors sold chipmakers' shares after the Democrats' midterm victory raised concerns of tougher AI-sector regulation and delays to plans for building new data centres, driving a sharp tech-led decline in equity markets.
The US Dollar Index (DXY) climbed to weekly highs above 102.00 on Friday as investors sought safety following a tech-led equity market rout. Markets are now bracing for the October Nonfarm Payrolls (NFP) report, with consensus estimates pointing to a 65K increase in employment. Analysts suggest a strong print could reinforce the Federal Reserve's view of a solid labor market and provide further support for the greenback.
The Dollar is benefiting from safe-haven flows triggered by a tech-led equity sell-off and positive sentiment surrounding upcoming labor market data.
The NFP is a key economic indicator for the Federal Reserve; a print exceeding the 65K consensus is expected to be bullish for the dollar by confirming labor market resilience.