Home > News > Forex News > Detail
Bookmark and Share

US Dollar Index surpasses 97.00 on NFP, new 2-week highs

2019-07-05 21:20    OctaFX
  • DXY moves above 97.00 on auspicious NFP.
  • Yields regained the key 2.0% handle.
  • US Payrolls surprised to the upside at 224K in June.

The greenback is trading in fresh weekly highs following positive results from US Payrolls, lifting the US Dollar Index (DXY) beyond the key barrier at 97.00 the figure.

US Dollar Index bid after data

The index has gathered extra steam after the US economy created 224K jobs during last month, surpassing initial forecasts. On the not-so-bright side, the jobless rate ticked higher to 3.7% (from 3.6%) and wage inflation lost some traction, as Average Hourly Earnings expanded 0.2% inter-month and 3.1% over the last twelve months.

These positive results from the labour market forced odds for a Fed’s rate cut to recede further and lifted yields of the key US 10-year note back above the psychological 2.0% handle, all rendering in extra legs for the buck.

In light of the jobs report, market participants should now scale back their perception that a looser monetary policy by the Fed is in the offing, at least in the very near term, while prospects of a technical recession next year could also lose momentum.

 US Dollar Index relevant levels

At the moment, the pair is gaining 0.44% at 97.15 and faces the next up barrier at 97.23 (monthly high Jul.5) seconded by 97.31 (55-day SMA) and finally 97.77 (high Jun.18). On the downside, a breakdown of 96.64 (200-day SMA) would aim for 95.82 (low Feb.28) and then 95.74 (low Mar.20).

NFP

0 traders reviewed this item, please leave a reply!

About FXYEAH | Broker Listing | Contribute | Contact Us | Sitemap | TagCloud
Disclaimer: All contents of site are only for your reference, don't suggest you do any investment decision, you should be responsible for your decision.