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- US Dollar Index holds gains around 100.00 in Friday’s early European session.
- Trump pressures Iran to make a deal after a military strike destroys a bridge near Tehran.
- The US March jobs data will be in the spotlight later on Friday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, currently trades near 100.00 during the early European trading hours on Friday. The DXY holds positive ground amid fresh concerns over a prolonged conflict in the Middle East. All eyes will be on the US March jobs report, which will be released later on Friday.
US President Donald Trump said on Thursday that the war’s core objectives are “nearing completion” and could wrap up in two to three weeks. He warned he would bomb Iran “back to the Stone Age” if they did not agree to an unconditional surrender.
Meanwhile, Iran’s foreign minister Abbas Araghchi stated that the attack wouldn’t force Tehran to surrender. “It only conveys the defeat and moral collapse of an enemy in disarray,” he said. A prolonged conflict between the US and Iran could prompt traders to seek a safe-haven currency such as the US Dollar in the near term.
Nonetheless, US tariff threats might cap the upside for the DXY. Bloomberg reported on Thursday that Trump signed an executive order that could slap up to 100% on certain imported medicines from companies that don’t reach deals with his administration in the coming months.
Traders await the release of the US March jobs data later on Friday for fresh impetus. The US economy is projected to see 60,000 job additions in March, while the Unemployment Rate is expected to hold steady at 4.4% during the same period. In case of softer-than-expected outcomes, this could weigh on the USD against its rivals.
