The US Dollar has partially recovered after an initial decline following the release of weaker-than-expected US Nonfarm Payrolls data.

Key Factors:

• US Job Market: The weaker-than-expected job growth has raised concerns about the strength of the US economy and increased expectations for further interest rate cuts by the Federal Reserve.
• Inflationary Pressures: Despite the weaker job data, inflationary pressures remain elevated, which could limit the Fed’s ability to cut rates aggressively.
• Geopolitical Risks: Geopolitical tensions and uncertainty surrounding the US presidential election continue to impact the US Dollar.

Technical Analysis:

• Support and Resistance: The 103.90 level is a key support level for the US Dollar Index, while the 104.50 level is a potential resistance level.
• Momentum Indicators: Technical indicators, such as the RSI and MACD, can provide insights into the short-term direction of the US Dollar.