6 May 2015
DXY bounces off 93.90
FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, has managed to pick up pace from session lows in the 93.90 area to the current 94.20/25 band.
DXY hurt by data
Once again, the dollar is paying the price of another disappointment in the US docket, where the ADP report showed US private sector adding 169K jobs during April, lower than forecasts for 200K and down from March’s 175K (revised from 189K). Further data saw preliminary Nonfarm Productivity during the first quarter contracting more than anticipated 1.9%, while Unit Labor Costs expanded 5.0% during the same period, surpassing the median.
The index has now recovered the 94.00 handle after posting fresh 2-month lows in the 93.90 region. Ahead in the week, Initial Claims are due tomorrow preceding the critical Non-farm Payrolls on Friday (225K exp.).
DXY relevant levels
The index is now retreating 0.86% at 94.26 and a break below 93.88 (low May 6) would aim for 93.80 (low Feb.17) and then 93.26 (low Feb.3). On the upside, the initial hurdle lines up at 95.62 (high May 4) ahead of 96.18 (high Apr.29) and finally 96.93 (high Apr.28).
DXY hurt by data
Once again, the dollar is paying the price of another disappointment in the US docket, where the ADP report showed US private sector adding 169K jobs during April, lower than forecasts for 200K and down from March’s 175K (revised from 189K). Further data saw preliminary Nonfarm Productivity during the first quarter contracting more than anticipated 1.9%, while Unit Labor Costs expanded 5.0% during the same period, surpassing the median.
The index has now recovered the 94.00 handle after posting fresh 2-month lows in the 93.90 region. Ahead in the week, Initial Claims are due tomorrow preceding the critical Non-farm Payrolls on Friday (225K exp.).
DXY relevant levels
The index is now retreating 0.86% at 94.26 and a break below 93.88 (low May 6) would aim for 93.80 (low Feb.17) and then 93.26 (low Feb.3). On the upside, the initial hurdle lines up at 95.62 (high May 4) ahead of 96.18 (high Apr.29) and finally 96.93 (high Apr.28).