Decent NFP report enough to keep the bullish sentiment on the dollar alive – ING

The US Dollar Index (DXY) touched 110.00 on Thursday. In the view of economists at ING, a decent Nonfarm Payrolls report may be enough to keep supporting the dollar.

Dollar rally does not require exceptional jobs data

“The question now is whether jobs data will be enough to trigger another bullish dollar reaction. Our suspicion here is that the market may not really need a big surprise to fully price in a 75 bps hike in September, and a respectable jobs report may be enough to trigger another leg higher in the dollar today.”

“A break above 110.00 in DXY may unlock further upside for the dollar.”

See – NFP Preview: Forecasts from eight major banks, employment growth still strong