Forex
U.S. Dollar Index Stabilizes Ahead of Key Economic Data Releases
The U.S. Dollar Index (DXY) has been stable in the European trading session on Tuesday, August 4, trading at 100.0249, up 0.06% from the previous day.
Traders are keeping a close eye on upcoming economic data releases, including the ADP private-sector employment report and the nonfarm payrolls data.
The dollar has gained some support this week, with net long positions betting on a stronger dollar rising to $48.5 billion ahead of the Federal Reserve's policy meeting, according to data from the U.S. Commodity Futures Trading Commission (CFTC).
However, market sentiment remains cautious ahead of the nonfarm payrolls release, making a modest rebound within a range-bound trading pattern the most probable scenario.