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4 May 2018

US Dollar leaps to session tops near 92.50, Payrolls eyed

  • The index resumes the upside and trades in the mid-92.00s.
  • US 10-year yields drop to lows near 2.94%.
  • US Non-farm Payrolls will be the salient event later in the day.

Tracked by the US Dollar Index (DXY), the buck has recovered the smile on frid and is now testing daily tops in the 92.50 region.

US Dollar all the attention on NFP

Following Thursday’s moderate sell off, the index has now retaken the positive momentum and is flirting with the upper end of the weekly range despite the up move in yields of the key US 10-year reference appears to have run out of steam for the time being.

In fact, yields of the US 10-year note are trading at shouting distance from weekly lows in the 2.94% neighbourhood, some 6-7 bp lower than last week’s multi-year peaks above the critical 3.0% level.

In the meantime, the greenback is up for the third week in a row, looking to consolidate the breakout of the 92.00 milestone including fresh cycle tops in the 92.80 region recorded earlier in the week.

Later in the session, US Non-farm Payrolls will be the sole event today, expected at 189K for the month of April. In addition, the jobless rate is expected to tick lower to 4.0% from 4.1%.

US Dollar relevant levels

As of writing the index is gaining 0.12% at 92.54 and a breakout of 92.83 (2018 high May 2) would open the door to 93.68 (78.6% Fibo of 95.15-88.25) and then 94.22 (high Dec.12 2017). On the other hand, initial contention emerges at 91.96 (200-day sma) seconded by 91.79 (10-day sma) and finally 91.70 (50% Fibo of 95.15-88.25).

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