USD Index Looks Higher Ahead Of NFPs, JPY Carving Short-Term Top

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The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.12 percent higher from the open after moving 188 percent of its average true range, and the index may track higher going into the end of the week as the 30-minute relative strength index comes off of oversold territory. As the European Central Bank interest rate decision fails to prop up market sentiment, the drop in risk-taking behavior should prop up the reserve currency over the next 24-hours of trading, and we may see the dollar end the week on a brighter note as we’re expecting to see faster job growth in July. Indeed, NFPs are expected to increase another 100K after expanding 80K in June, and a positive development may spark a bullish reaction in the greenback as it dampens the scope for another round of quantitative easing.

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