United States Dollar Index holds steady near 100.00 as bulls await US NFP amid Iran risks
The United States Dollar Index (DXY), which tracks the Greenback against a basket of currencies, consolidates during the Asian session on Friday as traders keenly await the release of the closely-watched US monthly jobs data.
The US Dollar Index (DXY) held steady near the 100.00 mark as traders awaited the release of key US Nonfarm Payrolls (NFP) data amid geopolitical tensions in the Middle East. Persistent concerns over potential attacks by Iranian-backed groups in Iraq and the Strait of Hormuz reopening contributed to a risk premium being priced into the safe-haven US Dollar.
Oil prices surged following heightened conflict fears and inflation concerns, while hawkish expectations from the Federal Reserve bolstered the USD's value. However, bulls were cautious and awaiting the NFP report for further insight into the Fed's policy direction. The DXY remained above the 100-day Simple Moving Average (SMA) at 99.74, providing a mildly bullish near-term outlook, while a break above this level could pave the way for further gains.
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