- Analytics
- News and Tools
- Market News
- DXY: PPI, Initial Jobless Claims up next – OCBC
DXY: PPI, Initial Jobless Claims up next – OCBC
The US Dollar (USD) bounced overnight after core CPI, real hourly earnings report surprised to the upside, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
USD shorts may just get another squeeze again
“The upside surprise in US data serves as a reminder how crowded USD shorts can further be squeezed out – these also underscores how US data can prove to be asymmetric to USD price action. Today, we have PPI and initial jobless claims. Another better-than-expected print in favour of US may well see dovish expectation being scaled back.”
“On this note, USD shorts may just get another squeeze again. DXY was last at 101.82. Daily momentum is bullish while RSI rose. Resistance at 102.20 (23.6% fibo retracement of 2023 high to 2024 low). Support at 100.50 levels.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
