The FX PostThe FX Post
    What's Hot

    FlatQube Trade Volume, Trade Pairs & Trust Score

    November 7, 2022

    Step Guide to Winning Forex Trading

    September 19, 2022

    Relationship Between Currency Risk and Foreign Bonds

    September 2, 2022
    The FX Post The FX Post
    • Best Fx Robots
    • Forex
      • News
      • Forex 101
      • Forex Forecasts
      • Broker Reviews
    • Crypto
      • News
      • Crypto 101
      • Crypto Forecasts
      • Crypto Reviews
    • Indices
      • News
      • Analysis
      • Commodities
      • Reviews
    • Automated Trading
      • Forex Signals
      • Forex Robots
      • Copy Trading
    • Top
      • Best Forex Robots
    The FX PostThe FX Post
    Home » DXY Forecast: Index Trading Above 94.50 Ahead of Today’s Nfp
    Analysis Indices

    DXY Forecast: Index Trading Above 94.50 Ahead of Today’s Nfp

    November 5, 20213 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit
    American flag and dollars
    Share
    Facebook Twitter LinkedIn Pinterest Reddit

    The dollar index is trading steadily above 94.50 after rallying 0.51% overnight.

    • On Thursday, DXY traded between 93.82 and 94.47, the level which it breached on October 13.
    • US yields are attempting a minor recovery on Friday.
    • Payrolls for October will be the focus of attention.

    DXY fundamental forecast

    On Friday, the dollar was on track for a second straight week of gains versus major rivals, ahead of vital US employment data that could influence when the Federal Reserve raises interest rates.

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more

    Focus on NFP

    Ahead of the US Nonfarm Payrolls release for October, the index stays sidelined and follows the range-bound theme existing in the rest of the global markets.

    Following significant losses on Thursday, rates across the curve in the US cash markets try a sluggish comeback.

    Even as the Federal Open Market Committee announced a $15 billion monthly trimming of its $120 billion in monthly asset purchases, Fed Chair Jerome Powell indicated he was not in a hurry to raise borrowing prices.

    The Fed has made a labor market recovery a precondition for raising interest rates. Economists expect the US non-farm payrolls report, published later on Friday, will show a 450,000 increase in employment in October, up from 194,000 in September.

    In the United States, economists estimate the economy to have added 450K jobs in the previous month, while the unemployment rate is expected to drop to 4.7 percent.

    US-China reopening of consulates

    To mend fences, US Vice President Joe Biden and his Chinese counterpart Xi Jinping are expected to agree on restoring consulates closed last year.

    Build Back Better Act

    The House of Representatives is set to vote on Friday on President Joe Biden’s legislative plan, including a social policy, climate-change package, and bipartisan infrastructure plan.

    The House of Representatives is set to vote on Friday on President Joe Biden’s legislative plan, including a social policy, climate-change package, and bipartisan infrastructure plan.

    Key data releases from the US

    On the calendar today, we have NFP and unemployment data. 

    What’s next? 

    Despite the knee-jerk in US rates, the index peaked around the 94.50 level on Thursday. This happens amid a resumed offered posture in the risk-associated sector.

    Meanwhile, with the Fed meeting still fresh in investors’ minds, a cautious approach is likely in light of Friday’s non-farm payrolls.

    Moreover, the greenback should continue to closely monitor the performance of US yields and the progress of current elevated inflation and views from Fed rate-setters on the likelihood that high prices will persist for longer. 

    Besides this, the economic recovery’s outcomes against the backdrop of unabated supply shortages and an equally unabated rise in coronavirus cases.

    DXY technical analysis: bulls to stay in charge  

    DXY is well above the 100-day moving average on the daily chart, and the MACD is currently trading at its neutral level. 

    So far, the index has gained 0.15% since the start of the day. A break above 94.56 would open the door to 94.60. If it can cross that level, we’ll see the index touching 94.74. It was high on September 25, 2020. 

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more
    US Economy
    Share. Facebook Twitter Pinterest LinkedIn Reddit

    Related Posts

    European Central Bank

    Christine Lagarde Solidifies ECB’s Message on Combating Inflation

    June 28, 2022
    Salesforce-backed front

    Salesforce-Backed Front Valued at $1.7 Billion in Financing Round

    June 28, 2022
    G7 countries to hit Russia

    G7 Countries to Hit Russia With Brand-New Assents

    June 27, 2022
    China's clean power growth

    China’s Clean Power Growth Outlook for 2022 Maintains Getting Bigger

    June 24, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    9  +  1  =  

    Best FX Post
    Best Forex Robots (Expert Advisors) 2021

    Best Forex Robots (Expert Advisors) 2022: Passive Income From Algo Trading Systems

    July 7, 2021

    Top 10 Lending Platforms for Crypto Loans

    June 1, 2022
    forex eurusd trading charts

    Top 10 Best Forex Brokers In All Times

    June 1, 2022
    Recent Posts
    • FlatQube Trade Volume, Trade Pairs & Trust Score
    • Step Guide to Winning Forex Trading
    • Relationship Between Currency Risk and Foreign Bonds
    • Best Social & Copy Trading Platforms
    • Bitcoin Dips Listed Below $20,000 With Fundstrat Considering ‘Last Washout’
    Featured Reviews
    TechBerry

    TechBerry Review: Pros, Cons, Recommendations

    September 18, 2021
    CryptoHero

    CryptoHero Review: Pros, Cons, Recommendations

    June 3, 2022
    Bitsgap

    Bitsgap Review: Pros, Cons, Recommendations

    April 29, 2022
    Categories
    • Analysis
    • Automated Trading
    • Best FX Post
    • Broker Reviews
    • Commodities
    • Copy Trading
    • Crypto
    • Crypto 101
    • Crypto Bots
    • Crypto Forecasts
    • Crypto Reviews
    • Forex
    • Forex 101
    • Forex Forecasts
    • Forex Robots
    • Forex Signals
    • Guides
    • Indices
    • News
    • News
    • News
    • Reviews
    • Reviews
    • Uncategorized
    Twitter BlogLovin
    © 2023, Thefxpost.com.
    • Contact

    Type above and press Enter to search. Press Esc to cancel.