DXY: ISM and payrolls to drive the USD – OCBC
|The start of the new quarter met with relative calm in FX markets as the US Dollar (USD) traded on the back foot, OCBC strategists Frances Cheung and Christopher Wong note.
USD trades bullish across the board
“For the week, focus is also on ISM data (Mon) and payrolls (Fri). Softer print should help to see USD ease. That said, the recent US Presidential debate (28 Jun) served as a reminder how election risks in US can be fluid and polling now indicate Trump leads Biden. Trump’s better showing over Biden may further add to USD premium.”
“DXY was last at 105.57. Bullish momentum on daily chart intact but shows signs of fading while RSI fell. Support at 105.20 (21, 50 DMAs), 104.80 (61.8% fibo retracement of Oct high to 2024 low). Resistance at 106.20.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.