- DXY alternates gains with losses near 93.00 on Monday.
- US markets are closed due to the Labor Day holiday.
- Investors continue to digest Friday’s labour market report.
The greenback, in terms of the US Dollar Index (DXY), is navigating within a narrow range at the beginning of the week near the 93.00 mark.
US Dollar Index capped near 93.30
The upside momentum in the index is showing some signs of exhaustion on Monday, coming under some selling pressure after hitting weekly/monthly peaks near 93.30 during last week.
In the meantime, market participants continue to adjust to Friday’s release of the Non-farm Payrolls for the month of August, when the economy created nearly 1.4 million jobs and the unemployment rate ticked lower to 8.4%.
Absent data releases and following the inactivity in the US markets due to the Labor Day holiday on Monday, volatility is expected to remain marginal as well as volume. Later in the week, markets’ attention will be on weekly Initial Claims (Thursday) and inflation figures tracked by the CPI (Friday).
What to look for around USD
The index has started the week on a cautious note following the latest release of the Non-farm Payrolls and with gains so far limited neat the 93.30 area. Despite the ongoing recovery, and looking at the broader picture, investors keep the bearish view on the dollar unchanged against the backdrop of a (more) dovish Fed, the unremitting progress of the coronavirus pandemic and political uncertainty ahead of the November elections. On the supportive side of the buck emerge occasional bouts of US-China tensions.
US Dollar Index relevant levels
At the moment, the index is losing 0.02% at 92.96 and faces the next contention at 91.75 (2020 low Sep.1) seconded by 89.23 (monthly low April 2018) and then 88.94 (monthly low March 2018). On the other hand, a break above 93.07 (weekly high Sep.3) would open the door to 93.47 (weekly high Aug.21) and finally 93.99 (monthly high Aug.3).
"activity" - Google News
September 07, 2020 at 02:19PM
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US Dollar Index side-lined around 93.00 amidst muted activity - FXStreet
"activity" - Google News
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