Non Farm Friday, what will happen to the DXY?
Key news events due today: Average Hourly Earnings m/m, Non-Farm Employment Change, and Unemployment Rate
The DXY continued to slide overnight, as the price broke below the 105-round number support level to approach the 104.60 price level.
This move was driven lower as the core PCE price index was released showing a smaller-than-expected change in inflation growth at 0.2% (Forecast: 0.3%), supporting the recent sentiment from the Federal Reserve that a slowdown in interest rate hikes could happen in December.
Look for the DXY to continue trading lower toward the 103.80 price level. However a strong employment data release today could provide some brief relief to the DXY heading into the weekend.
The DXY continued to slide overnight, as the price broke below the 105-round number support level to approach the 104.60 price level.
This move was driven lower as the core PCE price index was released showing a smaller-than-expected change in inflation growth at 0.2% (Forecast: 0.3%), supporting the recent sentiment from the Federal Reserve that a slowdown in interest rate hikes could happen in December.
Look for the DXY to continue trading lower toward the 103.80 price level. However a strong employment data release today could provide some brief relief to the DXY heading into the weekend.
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