US Dollar Stalls Ahead of Crucial Jobs Data

The US Dollar (USD) has been consolidating against its major currency peers on Friday, ahead of the release of the United States' Nonfarm Payrolls (NFP) data for July. The US Dollar Index (DXY), which tracks the value of the Greenback against six major currencies, is currently trading at around 99.92.

Investors are closely watching the NFP data, with analysts expecting a read of 80k. A higher-than-expected figure could lead to increased expectations for another Federal Reserve interest rate hike this year, supporting the USD.

However, DBS strategists caution that a sub-80k NFP reading could weigh on the USD, as it would douse expectations for a Fed rate hike.