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Greenback Extends Recovery, DXY Rises 0.95% Ahead Of NFP

FOREX
  • Renewed greenback strength gathered momentum throughout Thursday’s trading session, with the USD index (+0.85%) extending its recovery, rising through yesterday’s high and then above Fibonacci resistance at 111.86.
  • The broad dollar strength has seen the Euro dip back below $0.98 and the weakness in equities has heavily weighed on the likes of AUD and NZD, both down roughly 1.5%.
  • GBPUSD (-1.55%) is the poorest performer, briefly printing at 1.1114, nearly 400 pips from Wednesday’s peak. Initial firm support is seen at 1.1025, the Sep 30 low.
  • Rising at a much slower pace (potentially amid lingering MOF concerns) is USDJPY, however the pair is now inching above Y145, narrowing the gap with the post intervention highs at 145.30. The primary uptrend remains intact and sights are on the bull trigger at 145.90, Sep 22 high.
  • Weakness in equities is underpinning the greenback approaching the APAC crossover. The week’s early optimism for major indices has been dissipating as markets await Friday’s US employment report for further signals on the health of the US economy/Fed policy.
  • Consensus sees NFP growth moderating to 260k in Sept after the 315k from August’s ‘goldilocks’ report. Canadian jobs data will be released in conjunction with the US data.
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