The DXY Index rallied to 104.60 and then stabilized at 104.30. The BLS reported higher-than-expected NFP employment figures from March. US Treasury yields soared after the release of the labor data. The US Dollar Index is currently trading at 104.30, trimming steep initial gains on Friday following a surprising beat from the Nonfarm Payrolls report. The strong labor market scene, underscored by the better-than-anticipated NFP report for March, solidifies the Dollar's bullish outlook.
Furthermore, the index position concerning its Simple Moving Averages further corroborates this assertion. The DXY positioning above the 20, 100, and 200-day Simple Moving Averages suggests the bulls are asserting their control. As long as the index remains above these levels, the buyers have reason to remain optimistic. Fed FAQs What does the Federal Reserve do, how does it impact the US Dollar? Monetary policy in the US is shaped by the Federal Reserve .