Hi everyone,
This week I would like to specifically draw your attention to the DXY chart. I said in my last bog that I’m expecting a pullback when it reaches the 100/101 level. “Moving away strongly from the 200. Next resistance is at around 101/100. I’m expecting the majors to pullback a little when the DXY reaches this area.” This is exactly what happened….What I did not see coming was the monster nonfarm payroll numbers printed yesterday. For those that haven’t seen yet, the US labour department said nonfarm payrolls grew by 517,000. To give you an idea of the importance of this number, the expected number was 185,000. (December’s payroll data were also revised up by 37,000 and November’s by 34,000). The dollar gained over 0.5% in response. What this essentially means is that the idea that the US will stop increasing interest rates or at a slower pace than the BOE or ECB this year is in serious doubt.
DXY chart:
I’m focusing on the 55 and 200 level as a logical pullback point.
Red flag news: Watch out for the AUD rate statement (interest rate statement) on Tuesday!
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