The dollar drops ahead of Nonfarm payrolls

By @ibtimes on

The Dollar fell against six-majors as indicated on the US dollar index, after dropping to four-month low against the European shared currency. The drop comes ahead of US nonfarm payrolls report which is forecast to show that the economy managed to add nearly 200 K jobs in March.

Demand for the single currency fell, accordingly, sending the dollar to trade at 76.470 on the index. This is compared with the opening levels of 76.490 where the index set the highest at 76.545 and the lowest at 76.437.

The EUR/USD pair traded slightly lower at 1.3962, compared with the opening levels of 1.3968. The pair's trading is bounded by the support at 1.3890 and the resistance at 1.4000.

Lack of data from Europe influenced the pair to witness calm trading.

The British pound fell as well on the daily scale against the dollar, to trade at 1.6265, compared with the opening levels of 1.6273.

The pair failed to breach a resistance at 1.6295, accordingly, bounding the pair's trading to range among the above mentioned level and the support at 1.6160.

The dollar traded higher against the yen, breaching the resistance at 82.50 where it's currently trading at 82.75. This is compared with the opening levels of 82.42.

The pair's trading is bounded by the support at 82.50 and the resistance at 83.00.

US Jobs report will be released at 13:30 where volatility is expected to strike FX markets when the data is released.

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