Created
: 2024.09.04
2024.09.04 17:40
The US Dollar (USD) short squeeze was well underway, with AUD, NZD and THB under pressure overnight, OCBC FX strategists Frances Cheung and Christopher Wong note.
"ISM manufacturing slumped (47.2 vs. 47.5 expected), alongside new orders while employment subindex remains in contractionary territory. Focus shifts to JOLTS job openings and Fed's Beige book report. July's Beige Book showed most Districts reported employment was flat or up slightly, while a few Districts reported modest employment growth."
"We reiterate that USD should remain sensitive to job data this week given that Fed's focus has shifted towards supporting labour market. Good and bad data may continue to point to USD rebound while data in line with estimate may see a more muted response to USD. DXY was last at 101.61."
"Daily momentum is mild bullish but rise in RSI moderated. We still see some risks of further short squeeze. Resistance at 101.90 (21 DMA), 102.20 (23.6% fibo retracement of 2023 high to 2024 low). Support at 100.50 levels. Week remaining brings JOLTs job openings (Wed), ADP employment, ISM services employment (Thursday), and US payrolls report on Friday.
Created
: 2024.09.04
Last updated
: 2024.09.04
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy