DXY Edges Higher Ahead of August NFP Data Release

The US Dollar Index (DXY) has ticked up to near 99.00 ahead of the August Nonfarm Payrolls (NFP) data release, which is set for 12:30 GMT.

Federal Reserve officials have made encouraging comments on inflation, with some signaling that a rate hike may not be necessary.

The market's reaction to the NFP data will be closely watched, as it could provide fresh cues on the Fed's monetary policy outlook. The August NFP report is expected to show that employers hired 56K new workers after firing 23K employees in July, with an Unemployment Rate of 4.1% and Average Hourly Earnings at 3% Year-on-Year (YoY) from 3.2% in July.