- The week has opened with a rising US Dollar. The greenback lacks a convincing long-term trend and currently seems stuck between support at 101.56, which has held effectively today, and resistance close by at 102.375.
- Most global stock markets are starting the week higher, with the NASDAQ 100 Index a notable leading gainer. Markets are digesting Friday’s mixed US jobs data, which seems to show more of a slowdown in the US economy. This is seen as a positive sign of a soft landing which would justify an end to the current cycle of rate hikes by the US Federal Reserve.
- WTI Crude Oil is continuing to advance to new 3-month high prices despite the “everything selloff” which has afflicted markets lately. This may attract trend traders on the long side.
- In the Forex market, the Australian Dollar has been the strongest major currency since this week’s open, with the Swiss Franc the weakest, putting the AUD/CHF currency cross into focus. The advance of the AUD testifies to improving risk sentiment.
- FOMC Members Hawker and Bowman will be speaking publicly later today.
- It is a public holiday in Canada today.
- In the commodities market, Cocoa futures will continue to be interesting on the long side to trend traders, having hit a multi-year high price two weeks ago and not fallen by much yet from that high.
Forex Today: US Dollar Index Makes Bullish Rebound From 101.56
Adam Lemon
The US Dollar and global stock markets start the week rising, with the DXY rebounding from key support at 101.56.