US Dollar finds support near 100.80, NFP eyed

The greenback, in terms of the US Dollar Index, has managed to regain the 100.90 area after dropping to fresh daily lows in the 100.80/75 band.

US Dollar all the attention on US data

The index is netting a negative week, the first one after three consecutives advances, as the profit taking stance among traders still prevails in light of the string gains seen in past weeks.

In addition, a boost in the risk-associated space following the OPEC deal and the subsequent rally in crude oil prices has given market participants another reason to stay away from the buck.

Adding to the above, a rate hike by the Federal Reserve at its December meeting seems to be a done deal so far, removing some impetus from the still bullish perspective for USD.

The future steps of the Fed beyond December will slowly become a potent driver in the months ahead for the Dollar along with prospects of higher inflation derived from a looser fiscal policy under Trump’s administration (which, in turn, should prompt the Fed to hike at a faster pace).

Back to the very near term, US Non-farm Payrolls will be the salient event today, with market consensus expecting the economy to have added 175K jobs during November, from October’s 161K.

US Dollar relevant levels

The index is retreating 0.09% at 100.93 facing the next support at 100.67 (low Nov.28) followed by 100.41 (20-day sma) and finally 99.38 (low Nov.14). On the other hand, a break above 102.19 (monthly high Apr.2003) would open the door to 102.68 (monthly high March 2003).