US Dollar Index: Cautious optimism, Fed talks test DXY bulls below 102.00 ahead of US ISM PMI, NFP – by anilpanchal7 DollarIndex NFP Fed RiskAversion China
China news allowed markets to begin NFP week on a positive side.US data will be crucial as FOMC failed to inspire policy hawks and marked data dependency. remains directionless around 101.70 during early Monday in Asia. In doing so, the greenback’s gauge versus the six major currencies bears the burden of the market’s risk-on mood and mixed concerns about the Federal Reserve .
of Minneapolis President Neel Kashkari flagged fears of job losses and slower growth while praising the inflation outlook. The policymaker also criticized the central bank’s aggressive monetary tightening campaign to tamp down price surges. It’s worth noting that strong prints of the US Gross Domestic Product Annualized for the second quarter joined the upbeat figures of the US Durable Goods Orders for June to allow the US Dollar to stay firmer for the second consecutive week. Also likely to have favored the US Dollar, is the European Central Bank’s dovish hike and emphasis on the data-dependency of the next rate decision.
While portraying the mood, Wall Street closed positive and the yields retreated together with the US Dollar. Even so, the US Dollar Index marked two consecutive weekly gains by the end of Friday’s trading. It’s worth noting that the S&P500 Futures print mild gains by the press time. Looking ahead, the US ISM PMIs and the risk catalysts can entertain the DXY traders ahead of Friday’s US jobs report for July will be crucial to watch for clear directions.Although a clear upside break of a six-month-old horizontal support area surrounding 100.80 joins recently firmer oscillators to favor the US Dollar Index buyers, recovery remains elusive beneath two-month-old falling resistance line, close to 102.50 by the press time.
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