US Dollar Index to press the 104.00 area – ING

In the view of economists at ING, US average earnings may be the most important data point today. They expect the dollar to stay bid.

Price pressures in focus in the NFP report

“We suspect the key focus in today's US Nonfarm Payroll report will be the average weekly earnings numbers and the unemployment rate. An average hourly earnings number in line with consensus (0.4% month-on-month, 5.5% year-on-year) should keep US yields and the dollar firm. Any soft headline employment data will be ascribed to tight labour markets.”

“We expect the dollar to remain bid and DXY to remain pressing the 104.00 area.”

See – NFP Preview: Forecasts from 12 major banks, robust job growth