DXY: ADP employment, 3Q GDP on their way – OCBC
The US Dollar (USD) traded 2-way overnight with gains on the back of strong consumer confidence but turned lower after JOLTS job openings slumped to lowest level since early 2021. DXY was last at 104.10, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Room for USD to retrace lower
“Moves reinforced our view for more 2-way trades in the USD this week amidst a slew of tier-1 data releases. Tonight, we have ADP employment, 3Q GDP before core PCE tomorrow and payrolls on Friday.”
“Daily momentum remains bullish but there are signs of it fading while RSI eased lower from overbought conditions. We see room for USD to retrace lower. That said, pullback may also be shallow ahead of US elections next week.”
“Support at 103.80 levels (200 DMA, 50% fibo), 102.90/103.20 levels (21, 100 DMAs, 38.2% fibo fibo retracement of 2023 high to 2024 low) and 101.90 (50 DMA). Resistance at 104.60 (61.8% fibo), 105.20 levels.”
Related Articles
Warren Buffett is the only person on Wall Street not in the red right now
Warren Buffett, the 94-year-old chairman of Berkshire Hathaway, is the only major investor on Wall Street who isn’t losing money right now. While Elon Musk, Jeff Bezos, Mark Zuckerberg, Larry Page, Bill Gates, Larry Ellison, Bernard Arnault, and Michael Dell are seeing billions wiped from their port
[Reuters Breakingviews] US-EU tariffs are a skirmish in riskier trade war
LONDON, March 12 (Reuters Breakingviews) - Brussels and Washington’s latest trade spat has an almost reassuring air of familiarity. Just as former European Commission boss Jean-Claude Juncker reacted to President Donald Trump’s tariffs on European steel imports back in 2018 with targeted...
Japan's "Shunto" Preview: Bank of Japan Rate Hike Imminent, Boosting the Yen
TradingKey - The Shunto—short for the Spring Wage Offensive—is Japan’s annual nationwide labour-management bargaining event held every spring. Typically, Shunto unfolds in three stages: In the first round, employers discuss potential wage increases; in the second, workers at various companies...
[Reuters Analysis] Exposure to Treasury futures plunges at risky moment: McGeever
ORLANDO, Florida, March 11 (Reuters) - Levels of open interest in the U.S. Treasuries futures market rarely garner much attention, but this might be one of those occasions, as President Donald Trump's tariff agenda threatens to slam the brakes on the U.S. economy, perhaps even putting it into...
How Artificial Intelligence Benefits Health Care: 10 AI Healthcare Stocks to Watch
TradingKey - With the rapid development of artificial intelligence (AI), beyond the well-known large language models such as ChatGPT and DeepSeek, people are continuously exploring new AI applications and investigating how the cutting-edge technologies driving the "Fourth Industrial Revolution"...