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Free AccessUSD Index Set To Post Weak Close Despite Post-NFP Surge
- Stronger headline US employment data gave the greenback a solid initial reprieve with the USD index surging over 1% in the immediate aftermath of the report. However, a slow erosion of these gains throughout Friday’s session saw the index slip back into negative territory, which could see the greenback slip for a third consecutive session and post its lowest close since late June.
- USDJPY volatility continued in heightened fashion, both before and after the release of the US data. A continuation of JPY strength saw USDJPY trade down to 133.63 in early trade on Friday, narrowing the gap with the next touted support at 132.56, the Aug 15 low.
- Short-term positioning dynamics saw a very strong reaction to the data, with the pair rallying from around 134.20 to highs of 135.98. The pair was unable to reverse the entirety of the gains, however, will be closing around 3.5% lower on the week overall.
- One currency pair that was able to pare the entire post-payroll move was GBPUSD. Cable grinded sharply back to briefly test the 1.23 handle again with the technical trend remaining firmly bullish after clearing the 200-day moving average. The immediate focus for next week is on 1.2339, a Fibonacci projection.
- Elsewhere, AUDNZD (-0.65%) continues its impressive break, after extending below 1.0750 on Thursday and trading within close proximity of the March 2022 lows at 1.0615.
- US ISM Services PMI data on Monday precedes the RBA decision on Tuesday, the first of several final DM and EM central bank meetings of 2022.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.