- Analytics
- News and Tools
- Market News
- DXY: Continues to rebound – OCBC
DXY: Continues to rebound – OCBC
The US Dollar (USD) was boosted again for the 5th back-to-back session and this time the trigger came from the blockbuster payrolls report. DXY was last at 102.58, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Upside risks intact
“The hotter-than-expected jobs report saw further unwinding of dovish bets, adding to the USD’s rebound momentum. Markets are now just eyeing 2 * 25bp cut each for the remainder of the 2 FOMCs in Nov and Dec. With US elections less than 1 month to go, polls still find Trump and Harris neck-and-neck.”
“Further rebalancing in historically low DXY position may imply that USD may stay supported in the interim. Daily momentum remains bullish while RSI rose. Upside risks intact. Resistance at 102.90 (38.2% fibo). Support at 101.80/90 levels (50 DMA, 23.6% fibo retracement of 2023 high to 2024 low). Focus this week on FOMC, CPI data (Thu); PPI (Fri).
© 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
