DXY: ISM and payrolls to drive the USD – OCBC

Jul 1, 2024 2:14 PM

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The start of the new quarter met with relative calm in FX markets as the US Dollar (USD) traded on the back foot, OCBC strategists Frances Cheung and Christopher Wong note.

USD trades bullish across the board

“For the week, focus is also on ISM data (Mon) and payrolls (Fri). Softer print should help to see USD ease. That said, the recent US Presidential debate (28 Jun) served as a reminder how election risks in US can be fluid and polling now indicate Trump leads Biden. Trump’s better showing over Biden may further add to USD premium.”

“DXY was last at 105.57. Bullish momentum on daily chart intact but shows signs of fading while RSI fell. Support at 105.20 (21, 50 DMAs), 104.80 (61.8% fibo retracement of Oct high to 2024 low). Resistance at 106.20.”

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