ING Forecast: USD Index Likely to Rise Above 106.00 Before Friday, Correction Expected After NFP Release

The US Dollar Index (USDX) is an important indicator of the strength of the US Dollar against a basket of other major currencies. Recently, the USDX has been on a steady rise, and analysts are predicting that it will continue to rise above 106.00 before Friday. This is due to the strong economic fundamentals in the US, which have been driving the dollar higher.

However, there is also the potential for a correction after the release of the Non-Farm Payrolls (NFP) report on Friday. The NFP report is a key indicator of the US labor market, and any changes in the report could cause a correction in the USDX.

In addition to the potential for a correction after the NFP report, there are also other factors that could influence the USDX. These include geopolitical events, such as trade tensions between the US and China, as well as economic data releases from other countries. For example, if there is good economic data from Europe or Japan, this could cause a weakening of the US Dollar against those currencies.

Overall, it appears that the USDX is likely to rise above 106.00 before Friday. However, investors should be aware of the potential for a correction after the NFP report is released. It is important to monitor all economic data releases and geopolitical events in order to stay ahead of any potential market movements. By doing so, investors can make informed decisions about their investments and take advantage of any potential opportunities.

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• Source: Plato Data Intelligence: PlatoAiStream