ING: The USD tends to lose value after NFP data

Economists at ING analyze the outlook for the dollar ahead of the US January jobs report:

• According to forecasts, the number of jobs will increase by 187,000, while the number we forecast is 200,000.

• However, we are interested to see whether December's 216,000 figure will be revised downward. If anything, this corresponds to 11 out of 12 NFP reports this year being revised down and supports the Fed's argument that the tense situation in the US labor market is a thing of the past.

• The DXY index has been trading in the 102.77-103.82 range for the past two weeks, but is likely to retest lower support zones after tonight's data