Soft US NFP data put pressure on the DXYU.S. Dollar Currency IndexTVC:DXYWiseLeoTradingThe US dollar index faced continued pressure following the potential coordination of yen intervention and will experience further pressure after the softer-than-expected Nonfarm Payrolls (NFP) release. The Jun NFP fell short of expectations, expanding by only 59k vs 113k cons., dragged down by the Leisure and Hospitality segment despite the World Cup being held in the US. Despite this, the reading stayed above the breakeven point in the labor market, which drove the Unemployment Rate to 4.2% from 4.3% prev. The recent participation rate rose from 61.8% to 65.0%, which may explain the low breakeven point. The soft labor figures eased expectations of a Fed rush to hike rates in Sep, and an interest rate hike at this month's FOMC meeting is off the table, weighing heavily on the US dollar. Technically, the US dollar index fell to test the support at 100.56 and then rebounded, but it remains below both EMAs, signaling a potential consolidation between 100.56 - 101.10. If the price breaches above 101.10, the US dollar index might rise to test the next resistance at 101.40. Conversely, if the price fails to hold above 100.56, the US dollar index might fall further to test the immediate support at 100.24. By Van Ha Trinh - Financial Market Strategist at Exness