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U.S. Dollar Index (DXY) Under Pressure Ahead of Jobs Data
The dollar index has been under pressure throughout today’s session and is currently trading at 100.93, down 0.59%. The index appears to be undergoing profit taking ahead of the tomorrow’s US unemployment report, which will be released at 8:30am ET. Tomorrow’s report is viewed as key given the upcoming FOMC meeting on December 13-14 and the high expectations for an interest rate increase. At present, fed fund futures are pricing in a 98.6% probability of rate hike. Consensus estimate is for an increase of 180,000 jobs, following an increase of 161,000 in October. The unemployment rate is expected to remain ... (full story)