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US Dollar Set for Around 2% Weekly Gain

Early on Friday, the US dollar is still trading strong against its major peers over increased demand as a safe haven amid the mounting uncertainty surrounding the coronavirus pandemic. At the time of writing, the US dollar index is trading around 100.21.

The US dollar is all set to post a weekly gain of around 2% so far, boosted by a strengthening in crude oil prices during the previous session. Meanwhile, the greenback continues to remain in favor for its high liquidity even as traders worry about the economic impact of the pandemic.

Later today, the dollar could experience sharp moves following the release of the NFP report. The employment levels remain in focus after a steep increase in jobless claims across the US as a result of the shutdowns due to coronavirus across the country and the world.

The employment figures will offer more insight into how the US economy is faring amid the coronavirus crisis. Although the US has recorded the highest number of cases, US President Trump has not yet implemented complete lockdown unlike other countries.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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