US Dollar holds on near 98.60 on Non-farm Payrolls

Pablo Piovano FXStreet

The US Dollar Index (DXY) – which tracks the buck vs. its main rivals – has managed to bounce off fresh 2017 lows at 98.55 following US Payrolls.

US Dollar unchanged on Payrolls

The index lost further momentum on Friday despite the US economy added 211K jobs during April, more than initially estimated. Further positive data showed the unemployment rate ticking lower to 4.4%, also beating forecasts.

In addition, Average Hourly Earnings expanded at a monthly 0.3% and 2.5% over the last twelve months (vs. March’s 2.7% gain).

USD extended the drop to fresh 2017 lows at 98.55, although dip-buyers seems to have appeared and are now lifting DXY back to the 98.60/70 band.

Following the jobs report, market participants will now look to the speeches by Chief J.Yellen and Vice Chair S.Fischer along with San Francisco Fed J.Williams (2018 voter, hawkish) and Boston Fed E.Rosegren (2019 voter, hawkish).

US Dollar relevant levels

The index is gaining 0.01% at 98.61 facing the next hurdle at 99.01 (12-month support line) ahead of 99.08 (200-day sma) and finally 99.34 (high May 4). On the flip side, a break below 98.56 (2017 low Apr.25) would aim for 96.94 (low Nov.4 2016) and then 95.91 (low Nov.9 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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