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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.