US Dollar Index directionless, parked near 98.80

Monday, 7 October 2019 13:16 WIB

Indeks Dolar


The Greenback, in terms of the US Dollar Index (DXY), is trading within a tight range in the 98.80 region at the beginning of the week.

US Dollar Index looks to data, trade

The index keeps orbiting around Friday’s close in the 98.80 region, as market participants continue to adjust to the recently published Payrolls figures for the month of September.

In fact, it is worth recalling that the unemployment rate dropped to 3.5% during last month, the lowest level in the last 50 years. In addition, the job creation came in a tad below estimates at 136K while wage inflation pressure ebbed somewhat. Despite the mixed tone from the report, it was not as bad as expected according to previous estimates, showing that the labour market remains strong although losing some momentum.

Nothing scheduled data wise today, while the attention will be on a couple of speeches by Chief Powell, the FOMC minutes and the publication of inflation figures tracked by the CPI.

US Dollar Index relevant levels

At the moment, the pair is losing 0.01% at 98.83 and faces the next support at 98.67 (21-day SMA) seconded by 98.28 (55-day SMA) and finally 97.86 (monthly low Sep.13). On the upside, a breakout of 99.67 (yearly high Oct.1) would aim for 99.89 (monthly high May 11 2017) and then 100.00 (psychological handle).

Source: FXstreet




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