Global macro overview for 03/06/2016:
The US jobs market data in the form of NFP Payrolls is the main event of the day as all market participants are waiting for this news release at 12:30pm GMT today. The global investors are expecting another acceptable reading at the level of 159k vs. 160k reading a month ago. The unemployment rate should decrease to 4.9% from 5.0% a month ago as well. In conclusion, this key reading could help determine the course for interest rates in the world's largest economy. Currently, the FED policymakers are a little hawkish as they insist on at least two more rate hikes this year, but it is all data dependent.
Let's now take a look at the US Dollar index technical picture in the daily time frame ahead of the data release. Bulls managed to push the price up to the 100 moving average, making the first higher high in the sequence. Currently, the next resistance is seen at the level of 96.41. Any breakout above this level will possible make the golden trend line the next target for bulls.