5 Mar 2015
DXY in highs near 96.50
FXStreet (Edinburgh) - The upside in the greenback, in terms of the US Dollar Index, seems unstoppable, now trading in multi-year highs in the 96.50/60 band.
DXY firmer ahead of Payrolls
The index keeps pushing higher despite the mixed results from today’s US calendar, where Initial Claims and Factory Orders missed estimates in contrast with Unit Labour Costs and Non-farm Productivity, both surpassing forecasts. The greenback continues to derive support from the increasing monetary easing seen in the rest of the G10 space - with the exception of the BoE – with speculations building up regarding the first rate hike by the Fed could come as soon as June.
Moving forward to Friday’s docket, US Payrolls will be the main event, with consensus expecting the economy to have added 240K jobs during February.
DXY levels to consider
The index is now up 0.50% at 96.46 with the next resistance at 96.61 (high Mar.5) ahead of 97.00 (psychological level). On the downside, a breakdown of 95.86 (low Mar.5) would aim for 95.36 (low Mar.4) and finally 94.08 (low Feb.26).
DXY firmer ahead of Payrolls
The index keeps pushing higher despite the mixed results from today’s US calendar, where Initial Claims and Factory Orders missed estimates in contrast with Unit Labour Costs and Non-farm Productivity, both surpassing forecasts. The greenback continues to derive support from the increasing monetary easing seen in the rest of the G10 space - with the exception of the BoE – with speculations building up regarding the first rate hike by the Fed could come as soon as June.
Moving forward to Friday’s docket, US Payrolls will be the main event, with consensus expecting the economy to have added 240K jobs during February.
DXY levels to consider
The index is now up 0.50% at 96.46 with the next resistance at 96.61 (high Mar.5) ahead of 97.00 (psychological level). On the downside, a breakdown of 95.86 (low Mar.5) would aim for 95.36 (low Mar.4) and finally 94.08 (low Feb.26).