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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
US Dollar (USD) Price - On the Ropes, Waiting for US NFPs

US Dollar (USD) Price - On the Ropes, Waiting for US NFPs

Nick Cawley, Strategist

US Dollar News: USD Price Analysis and Charts.

  • US dollar traders wait on the sidelines as NFPs near.
  • Current USD weakness may accelerate if the supportive 200-day ma is broken decisively.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

US Dollar (DXY) Price Action Limited Ahead of Heavyweight US Data

The US dollar continues the trend of limited price action and volatility ahead of the monthly US Labour Report (NFPs). The report, including closely watched wages data, is a noted driver of USD activity and this month’s release has gained extra importance after Wednesday’s surprisingly weak ADP report. The ADP private job creation report showed US companies adding just 27k extra in May – a nine-year low – missing expectations of +183k and a prior month’s robust +271k. While the correlation between the two figures is not strong enough to draw any firm conclusions, Wednesday’s release has seen NFP market expectations pared back. Non-farm Payrolls are expected to show +174k new jobs compared to April’s reading of +236k. Average hourly earnings y/y are seen unchanged at 3.2%.

DailyFX senior analyst Chris Vecchio will be covering US NFPs live on Friday from 12.15 GMT.

The DailyFX Calendaris a comprehensive guide to all market moving data releases and events.

After making and then rejecting a double-top printed on April 26 and May 23, the US dollar has slipped lower as markets continue to price-in at least two 0.25% interest rate cuts in 2019. The US dollar basket (DXY) has found support recently from the 200-day moving average – currently at 96.28 - but a strong NFP miss may see this long-term technical indicator tested again. Below here, the 50% Fibonacci retracement at 95.87 before a potential re-trace back to the march 20 swing-low at 95.16. The recent sell-off has driven the greenback into oversold territory which may temper any sell-off in the near term.

US Dollar (DXY) Daily Price Chart (September 2018 – June 7, 2019)

US Dollar (USD) Price - On the Ropes, Waiting for US NFPs

IG Client Sentimentshows how retail traders are positioned in a wide range of asset classes and how daily and weekly sentiment changes can help drive momentum.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.