Created
: 2025.09.03
2025.09.03 18:18
US Dollar (USD) rose overnight but range remains confined to recent levels. DXY last at 98.28 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
"Markets are still waiting to see how NFP data (Friday) and BLS prelim benchmark revision to establishment survey (next Wed) turn out to be. The latter will show a revision to payrolls in the 12months to Mar-2025 by reconciling monthly payroll data to Quarterly Census of Employment and Wages (QCEW) for 1Q 2025. This QCEW data is based on state unemployment insurance tax records that almost all employers are required to file."
"Official benchmark revision will be available in Feb 2026 data but the prelim report at this point will give an indication on how robust or weak the labour market is. To recap, the March 2024 payrolls benchmark was revised down by 598K, and in 2023, it was revised down by 187K. Softer data print may potentially change the narrative and weigh on USD. In particular, we will be on the lookout for any pick-up in discussion for a jumbo 50bp cut at September FOMC."
"Daily momentum turned mild bullish while the rise in RSI moderated. 2-way risks likely. Resistance at 98.70 (100 DMA) and 99.60 (23.6% fibo retracement of 23.6% fibo retracement of 2025 high to low). Support at 98.00/20 levels (21, 50 DMAs), 97.50 and 97.10 levels. Data focus this week is on JOLTS job openings report, Fed's Beige Book (today); ADP employment, ISM services, initial jobless claims (Thursday) and more importantly, NFP report (Friday). On Fedspeaks, Musalem, Williams and Goolsbee are lined up this week before Fedspeaks go into a communication blackout on 6 September."
Created
: 2025.09.03
Last updated
: 2025.09.03
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