Created
: 2025.09.05
2025.09.05 19:09
Overnight data continued to show that US labour market is softening. Dollar Index (DXY) last at 97.98 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
"ADP employment disappointed at 54k (vs. 68k expected), jobless claims rose and ISM services employment remains in contractionary territory. This puts focus on US payrolls data tonight (830pm SGT). Consensus looks for a 75k print (below 6m average of 81k) for NFP."
"Given that markets already fully priced in a 25bp cut for Sep and a total of 2 cuts for the year, a much softer-than-expected data print will be needed to alter the rate cut narrative and weigh on USD. Conversely, if the print comesin much stronger than expected, then the USD may see another spike. Next week, the focus will be on PPI, BLS revision to establishment survey and CPI."
"Markets remain worried about a tariff-driven inflation and any uptick may also upset USD bears. DXY slipped, alongside softer UST yields. Daily momentum shows signs of turning mild bullish while RSI is flat. 2-way risks likely. Resistance at 98.70 (100 DMA) and 99.60 (23.6% fibo retracement of 2025 high to low). Support at 97.50 levels."
Created
: 2025.09.05
Last updated
: 2025.09.05
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