The dollar rallied yesterday on extended.....>

DOLLAR: The dollar rallied yesterday on extended react to Fed Chair Powell's

transitory inflation remarks, with the DXY printing recovery highs of 97.84. The

index held firm at the Asia crossover, squeezed to 97.86, before meeting

resistance from the 61.8% fibo of 98.33-9714 (97.88).

- Bulls look to recover the 98 handle, before challenging the ytd highs at

98.33. Support from the 21-dma at 97.45, ahead of 97.00/05 (97.01 - 55-dma).

- Gold extended its downtrend through the Apr 23 low to $1266.35 and levels not

seen since late December. The yellow metal staged a minor recovery to $1272.90,

however recovery efforts hold shallow. The Dec 26 low provides the next support

area at $1264.39, ahead of the 61.8% fibo of the Nov - Feb rise at $1253.82.

- WTI & Brent trade marginally weaker after struggling on the back of supply

side issues on Thursday.

- Nonfarm payrolls in the US are forecast to rise by 190,000 in April after a

stronger-than-expected 196,000 increase in March. The unemployment rate is

expected to hold steady at 3.8% for another month. Hourly earnings are forecast

to rise 0.3%, while the average workweek is expected to stay at 34.5 hours.