Shares 188 Views

US Dollar picking up pace, eyes on 100.00

The greenback – tracked by the US Dollar Index – is trading on firm note vs. its peers on Monday around the 99.85/90 band.

US Dollar supported near 99.60

The index has reverted the initial negative tone, finding quite decent support around the 100-day sma in the 99.60 area for the time being.

USD is advancing for the fourth consecutive session so far, attempting to regain the critical barrier at 100.00 the figure while recent unsuccessful attempts to extend the sell off seem to add to the view that a low is in place just above the 99.00 limestone.

In the meantime, market participants seem to have digested the mixed results from Friday’s Payrolls, with the economy creating more jobs than expected in January although wage growth seems to have run out some momentum.

Expectations of a rate hike in the near term appear somewhat mitigated following the recent labour market report, carrying the potential to weigh on the buck in he near term along with ‘Trumponomics’.

From the positioning perspective, USD speculative net longs have been trimmed further during the week ended on January 31, as per the latest CFTC report.

Ahead in the NA session, the Fed’s Labor Market Conditions Index and the speech by Philly Fed P.Harker (voter, hawkish) will be the sole events in the US docket.

US Dollar relevant levels

The index is gaining 0.26% at 99.95 facing the next resistance at 100.06 (high Feb.1) ahead of 100.42 (high Jan.31) and finally 101.02 (high Jan.30). On the other hand, a breach of 99.19 (low Feb.2) would open the door to 98.92 (61.8% Fibo of the Nov-Jan. up move) and then 96.94 (low Nov.4).

You may be interested

shares13 views

Opinion | What is a Security Token Offering (STO) and Why You Need an Advisor

Brian Evans - Oct 08, 2018

About the Author: Jaron Lukasiewicz is the CEO and founder of Influential Capital. Jaron has been an executive in the industry since 2012, previously serving as CEO of Coinsetter, one…

shares18 views

World Economic Forum: Blockchains improve Global Economy

Brian Evans - Oct 08, 2018

Beginning as a technology for financial ledgers only, blockchains have grown to become the corporate hype word around the globe. It’s touted as the invention that will…

shares24 views

‘Rehypothecation’: More about the Wall Street Practice that Could Ruin Bitcoin

Brian Evans - Oct 08, 2018

Note: This is part 4 in a multi-part article series exploring rehypothecation and commingling in bitcoin and other cryptocurrency markets. Part 1 and part 2 are interviews…

Most from this category

%d bloggers like this: