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Forex Today: US Dollar Index Makes Bullish Rebound From 101.56

The US Dollar and global stock markets start the week rising, with the DXY rebounding from key support at 101.56.

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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. FOMC Members Hawker and Bowman will be speaking publicly later today.
    6. It is a public holiday in Canada today.
    7. 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.
    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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