US dollar index steady, keeping a bullish tone ahead of NFP

The US dollar rose marginally in the market on Thursday, on a quiet session, ahead of the Trump/Xi Jimping meeting and of the release of the US employment report on Friday. The US Dollar Index remains near weekly highs, moving with an upside bias but limited by a strong resistance. 

When is the Trump/Xi Jinping meeting and how could affect DXY?

The DXY continues to test the 100.60 area, still unable to consolidate on top. While the downside remains limited above 100.20. The index has been moving sideways all week with a modest bullish bias. Tomorrow economic data could create volatility. But Valeria Bednarik, Chief Analyst at FXStreet, warns that  unless the final reading diverges strongly from market's expectations, “seems unlikely the report will be able to trigger sustainable directional moves.”

According to market consensus, the US economy is expected to have added 180K jobs in March. The ADP report on Wednesday surprised largely to the upside, but the headline was partially offset by downward revisions. 

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Levels to watch 

To the upside, the immediate zone at 100.60 is the fir resistance followed by 101.00 (psychological) and 101.30/35 (downtrend line). On the downside, support could be located at 100.20/25 (Apr 4 & 5 low), 100.00 (psychological) and 99.70.