ING Forecast: USD Index Expected to Break Above 106.00 Before NFP Release, Correction Likely

The US Dollar Index (USDX) is expected to break above the 106.00 level before the release of the Non-Farm Payrolls (NFP) report. The NFP report is a key indicator of the US economy and is released on the first Friday of each month. The USDX is a measure of the value of the US dollar relative to a basket of foreign currencies.

ING, a leading global financial institution, recently released its forecast for the USDX. According to their analysis, the USDX is likely to break above 106.00 before the NFP report is released. This would be a significant milestone for the US dollar, as it has not been above this level since June 2019.

The potential for the USDX to break above 106.00 is due to several factors. Firstly, the US economy has been showing signs of recovery in recent months. This has been reflected in the strength of the US dollar against other currencies. Secondly, investors are expecting the NFP report to show strong job growth, which could further boost the US dollar.

However, ING also warned that a correction is likely after the NFP report is released. This is because investors may take profits from their positions in the US dollar if the report does not meet expectations. Therefore, investors should be aware that there could be a pullback in the USDX after the NFP report is released.

Overall, ING’s forecast for the USDX is bullish and suggests that it could break above 106.00 before the NFP report is released. However, investors should also be aware that a correction could follow if the report does not meet expectations. As such, investors should monitor the situation closely and adjust their positions accordingly.

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• Source: Plato Data Intelligence: PlatoAiStream