DXY: ISM and payrolls to drive the USD – OCBC

Jul 1, 2024 2:14 PM

View all comments（0）



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.”

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Cryptos Rebound Strongly as 'Clarity Act' Vote Imminent, XRP Surges Over 5%

As procedural voting on the CLARITY Act gets underway, cryptocurrencies generally rebounded and strengthened, with XRP surging over 5%.

KOSPI Opens Down 1% as Nikkei Bucks Trend to Rise; SoftBank Rebounds 5% as Samsung Electronics and SK Hynix Extend Losses

Japanese and South Korean stock markets diverged, with South Korean stocks opening lower and falling 0.76%, while the Nikkei bucked the trend to turn higher. SoftBank Group surged nearly 5%, whereas Samsung Electronics and SK Hynix came under pressure and moved lower.

Today’s Market Recap: AI Chip Stocks Plunge as Nvidia, Micron, Broadcom Tumble; Gold Drops below $4,300

TradingKey - On September 14, Eastern Time, the three major U.S. stock indices closed lower across the board. AI industry executives collectively called for a slowdown in the development of advanced models, prompting the market to reassess the outlook for AI capital expenditures and chip demand. Mea

US Stocks Drop as Philadelphia Semiconductor Index Falls Nearly 6%; Memory Stocks Lead Losses With Micron Down 5%; Cybersecurity, Cloud Providers Buck Trend

Anthropic CEO Dario Amodei called for a slowdown in the pace of artificial intelligence capability development, sending AI-related stocks lower across the board. Meanwhile, surging US Treasury yields and crude oil prices also weighed on the market. US equities edged lower, with memory and optical communications stocks leading the declines, while software and cybersecurity stocks bucked the trend to gain. At the close, the Dow Jones Industrial Average fell 0.29% to 52,421.20; the Nasdaq Composite Index fell 0.56% to 26,186.41; and the S&P 500 Index fell 0.48% to 7,619.98.

Oracle Stock Price Forecast: Reported New Round of Layoffs, Ellison Cancels Share Sale Plan, Will the Stock Stabilize at $142?

On September 14, Eastern Time, Oracle's (ORCL) stock price slipped further to around $141, hitting a near two-week low. Reports indicate that Oracle has initiated a new round of layoffs, with job cuts in certain teams potentially reaching double digits. The layoffs had been brewing internally, aimed primarily at reducing payroll costs to support the company's expanding investments in AI infrastructure. Prior to this round of layoffs, the company's total headcount was approximately 141,000.

Featured Tools