While the dollar is bordering on a lower low early in the session today and the index might continue to see some light long liquidation ahead of the key monthly US nonfarm payroll report, it could be difficult to shut off the uptrend in the dollar in place since July.
In retrospect, jobs-related data this week and in the previous two weeks (from declines in initial claims) suggests the number should be positive to growth views thereby rekindling strength in the dollar and likely sending US interest rates to higher levels.
Estimates for this month's nonfarm payroll gain are 168,000 which compares to last month's reading of 187,000...[MORE]
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