Hey everyone.On financial markets, we observed a rebound in the stock market last Friday, an interesting development given the strong U.S. jobs data. Despite an initial surge, the U.S. dollar experienced a decline later in the day, amidst speculation that the Federal Reserve might hold off on rate cuts if the economy maintains its momentum. A pivotal element to watch this week is the U.S. inflation report due on Wednesday. Additionally, rate decisions from the RBNZ and the BoC are scheduled for the same day, with the ECB announcement to follow on Thursday. This sets the stage for a potentially volatile week, particularly for XXX/USD pairs, given the mixed signals across the board. In commodities, metals are trending upward, and the USD/JPY pair has risen, likely influenced by higher U.S. yields. Conversely, crude oil prices have dropped as Middle East tensions eased, following Israel's withdrawal of additional forces from southern Gaza.
Examining the latest dollar index chart reveals a notable short-term reversal pattern pointing downwards, especially if stock markets continue to find support. It’s interesting to note that stocks have risen post-strong jobs data, a situation typically viewed as bearish in the current financial cycle since it suggests a reduced likelihood of Fed rate cuts. So is this market reaction, short-term bullish?
The Dollar Index (DXY) displays a clear five-wave decline, hinting that a weakening dollar could further bolster stock support.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
US Dollar Stalls at Resistance Despite Upbeat Jobs Data
Published 04/08/2024, 04:56 AM
Updated 07/09/2023, 06:31 AM
US Dollar Stalls at Resistance Despite Upbeat Jobs Data
Latest comments
Good jhob.man.I totally agree!Keep it up.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.