Its an important day as we await the US jobs report, which is crucial for the Fed’s next policy decisions. Logic is simple; if the data comes in worse than expected, the Fed may consider more rate cuts. However, if the jobs data is strong, it could reduce the likelihood of further cuts. In addition, the escalating conflict in the Middle East is pushing crude oil above $74, while investors and traders seek safety, dollar is higher as well as metals. Meanwhile, the stock market remains sideways, likely awaiting the release of the jobs report.
 

As for the Dollar Index, we are still seeing an ongoing recovery that appears incomplete, it looks like an impulse coming out of the ending diagonal we've been tracking. This suggests there could be further upside after any near-term setbacks, which could result in more movement across other markets and particularly impact currency pairs.

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Grega