DXY: ISM Mfg, Employment Data on tap – OCBC

FXStreetSep 3, 2024 10:03 AM

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Markets were largely quiet overnight as US markets were closed for labour day holiday, OCBC FX strategists Frances Cheung and Christopher Wong note.

Lots of data coming this way

“Market activity could pick up pace as data releases intensify with payrolls to end the week on Fri. Greater emphasis will be placed on labour market-related data, given that Fed’s focus has shifted towards supporting labour market. Today we have ISM mfg, new orders, employment.”

“Good and bad data may point to USD strength while data in line with estimate may see a more muted response to USD. DXY was last at 101.67. Daily momentum turned mild bullish but rise in RSI moderated. We still see some risks of further short squeeze.”

“Resistance at 102 (21 DMA), 102.20 (23.6% fibo retracement of 2023 high to 2024 low). Support at 100.50 levels. Week’s focus on JOLTs job openings (Wed), ADP employment, ISM services employment (Thu), and US payrolls report on Fri.”

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