US Dollar rather flat with traders not expecting much from Fed Chairman Powell this Monday

The US Dollar is trading quietly at the beginning of the week, remaining close to year-to-date lows as traders await significant economic data, particularly the Nonfarm Payrolls report due on Friday. The US Dollar Index is hovering near the 2024 low, looking for strong support. Economic data releases today include the Chicago Purchasing Managers Index (PMI) and the Dallas Fed Manufacturing Business Index, both of which are expected to show contraction. Fed Chairman Jerome Powell will speak later in the day, contributing to market speculation about potential interest rate cuts. Currently, the CME Fedwatch Tool indicates a 60.4% chance of a 25 basis-point cut at the next Fed meeting on November 7.

From a technical standpoint, the Dollar Index is struggling to break free from the recent low of 100.16, with 100.62 now acting as a firm resistance level. Traders are closely watching for movements either towards potential upside resistance levels at 101.90 and 102.22 or further downside, particularly the key psychological level of 100.00 and July’s low at 99.58.

https://www.fxstreet.com/news/us-dollar-is-off-to-soft-start-in-nonfarm-payrolls-week-202409301127

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