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US Dollar falls sharply after NFP as US yields plummet

  • Nonfarm Payrolls rise below expectations in October.
  • The US Dollar tumbles as Treasury bonds jump.
  • The US Dollar Index falls to one-month lows below 105.30.

The weak US jobs report triggered a strong market reaction, sending the US Dollar sharply lower. The US Dollar Index is falling by 0.80%, marking its worst performance in months, as Wall Street futures indicate a positive opening, extending the rally. 

In October, the US economy added fewer jobs than forecast, with 150,000 jobs compared to the expected 180,000. The unemployment rate rose unexpectedly from 3.8% to 3.9%.

Following the report, US yields collapsed. The 2-year yield fell from nearly 5% to 4.85%, while the 10-year yield dropped from 4.64% to 4.55%. Wall Street futures surged, and commodity prices jumped but later trimmed some of their gains.

The US Dollar Index (DXY) retreated from 105.90 to 105.25, reaching its lowest level since September 20. The DXY remains near daily lows and is under pressure. The next support level is seen at 105.10, followed by 104.65.

On a weekly basis, the DXY is experiencing its biggest decline since July, breaking out of a four-week range trading pattern and correcting further from the year-to-date high at 107.34 (October 3 high).

Technical levels

XAU/USD

Overview
Today last price 1989.16
Today Daily Change 3.31
Today Daily Change % 0.17
Today daily open 1985.85
 
Trends
Daily SMA20 1941.94
Daily SMA50 1919.41
Daily SMA100 1925.5
Daily SMA200 1933.65
 
Levels
Previous Daily High 1991.07
Previous Daily Low 1978.88
Previous Weekly High 2009.49
Previous Weekly Low 1953.61
Previous Monthly High 2009.49
Previous Monthly Low 1810.51
Daily Fibonacci 38.2% 1986.41
Daily Fibonacci 61.8% 1983.54
Daily Pivot Point S1 1979.46
Daily Pivot Point S2 1973.08
Daily Pivot Point S3 1967.27
Daily Pivot Point R1 1991.65
Daily Pivot Point R2 1997.46
Daily Pivot Point R3 2003.84

 


 

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