Market analyst Matt Weller suggests that leading indicators point towards a stronger-than-expected U.S. non-farm payroll report for September, with job growth possibly ranging between 130,000 to 200,000. This economic data is anticipated to influence the U.S. Dollar Index, along with the average hourly earnings for the month.
From a technical perspective, after a strong rebound in the first four days of the week, the Dollar Index has successfully surpassed its 50-day moving average. Despite this rebound, the trading price of the dollar remains significantly lower than its peak earlier in April this year, indicating it is not particularly overbought.
Weller forecasts that a strong non-farm payroll report could propel the Dollar Index to approximately 102.60. Conversely, a weak report might allow for a decline toward 101.00.
As of the latest data, the Dollar Index stands at 101.92.
