Traders Cautiously Push Dollar Higher

Barbara Zigah

The US Dollar Index remains close to a 2-month high as market players await fresh developments before gauging the greenback's direction. Investors remain cautious given the political uncertainties and the slowdown in the economic recovery and want to see if the upcoming data can help solidify

Trading Graph

sentiment. Traders are also cognizant of the fact that, relative to the greenback, the Pound Sterling and Euro are both under heavy pressure. That is largely a result of growing concerns over their respective economic recovery, and the resurgence of the Coronavirus in many areas of the EU and the UK.

As of 1033 am in Tokyo, the EUR/USD was trading at $1.1625, down 0.0387%; the pair has ranged from a low of $1.16133 to a peak of $1.16392. The GBP/USD was up at $1.2763, a gain of 0.1695%, and off the session high of $1.27909. The US Dollar Index was trading at 94.5870 .DXY, down 0.06%.

US Fundamental Data to Watch

Key data expected later this week which could help market players better gauge the outlook for the greenback include Tuesday's consumer confidence report, the ISM Manufacturing Survey due out on Thursday and the non-farm payroll figures to be released on Friday. A preliminary survey indicates that analysts and economists expect to see September's new private-sector jobs to have markedly fallen to 875,000 (from 1.375 million in August). 

 

 
Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

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