DXY: Continues to rebound – OCBC

FXStreetOct 7, 2024 9:38 AM

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The US Dollar (USD) was boosted again for the 5th back-to-back session and this time the trigger came from the blockbuster payrolls report. DXY was last at 102.58, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Upside risks intact

“The hotter-than-expected jobs report saw further unwinding of dovish bets, adding to the USD’s rebound momentum. Markets are now just eyeing 2 * 25bp cut each for the remainder of the 2 FOMCs in Nov and Dec. With US elections less than 1 month to go, polls still find Trump and Harris neck-and-neck.”

“Further rebalancing in historically low DXY position may imply that USD may stay supported in the interim. Daily momentum remains bullish while RSI rose. Upside risks intact. Resistance at 102.90 (38.2% fibo). Support at 101.80/90 levels (50 DMA, 23.6% fibo retracement of 2023 high to 2024 low). Focus this week on FOMC, CPI data (Thu); PPI (Fri).

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