The US dollar has opened the week on the front foot, supported by higher US Treasury yields. A June US rate cut is now seen as 50/50
US Treasury yields rose after the Jobs Report and are building on Friday’s gains. The interest-rate sensitive US 2-yr now yields 4.77% and is within a couple of basis points of highs last seen in mid-November, while the benchmark US 10-yr has broken above a range of resistance and is trading at a multi-month high of 4.475%.
US dollar drivers this week include Core inflation and the latest FOMC minutes, both released on Wednesday.The US dollar index is currently sitting on the 38.2% Fibonacci retracement level around 104.35 and is supported by a cluster of three simple moving averages. These SMAs supported the index last Thursday and a bullish 50-day/200-day crossover made in late March provides additional support to the move higher.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Gold prices may continue to rise.What are your views on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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