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  • https://t.co/GFLjg7kIle
  • Bank of England member Saunders says he is worried about the carryover economic implications of the coronavirus even after the vaccine is distributed
  • Gold is off to a rough start this week after falling more than $30 (nearly -2%) and breaking technical support around the $1,850 mark https://t.co/Xvo0U1IJ97
  • The United States' November PMI figure was arguably the most impressive among the developed nations that reported. The Dollar charge has in turn spurred a DXY rebound, EURUSD range swing and left $GBPUSD with the biggest 'upper wick' since March 20th: https://t.co/WAIUWeIMu2
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.35% 🇨🇦CAD: -0.01% 🇳🇿NZD: -0.15% 🇪🇺EUR: -0.26% 🇦🇺AUD: -0.28% 🇯🇵JPY: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cswKNjV4GW
  • Both European and US futures look slightly firmer at the European open, undoing some of the profit-taking seen at the end of last week as vaccine euphoria seemed to subside. Get your market update from @HathornSabin here:https://t.co/0m0t9Plqmb https://t.co/z9DqoZZvGL
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.68% Germany 30: 0.49% US 500: 0.40% France 40: 0.32% FTSE 100: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8vm1LhW7NY
  • The EU and UK continue their post-Brexit trade talks, stressing that a deal is within reach, but neither side is prepared to move to get a deal over the line. Again. Get your $GBPUSD market update from @nickcawley1 here:https://t.co/zvLtJvNBzL https://t.co/8NxmQ3ab8O
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.51% Gold: -1.84% Silver: -2.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FLCaX083ZO
  • Generally, all of the November PMIs were better than expected, but that didn't prevent Europe an Japan from contracting (below 50). US and Australia on the other end of the spectrum: outright strength. https://t.co/JPj6qN9FFa
DailyFX Roundtable: Post-NFP USD Setups & Preview for RBA, BoE

DailyFX Roundtable: Post-NFP USD Setups & Preview for RBA, BoE

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Talking Points:

- DXY Rebounds as U.S. Non-Farm Payrolls (NFP) Rise 200K, Hourly Earnings Expand Annualized 2.9%.

- EUR/USD Remains Overbought Despite Growing Bets for March Fed Rate-Hike.

- GBPUSD Resilience to Persist on Hawkish Bank of England (BoE) Rhetoric.

- Wait-and-See Reserve Bank of Australia (RBA) Policy to Keep AUD/USD Under Pressure.

- Long-Term USD/JPY Range Remains Intact Following Failed Run at 2017-Low (107.32).

- Gold Prices Vulnerable to Larger Pullback as Bullish Momentum Fades.

Join DailyFX Strategists Michael Boutros and David Song to cover the U.S. Non-Farm Payrolls (NFP) report along with key trade setups going into the first full week of February. Highlighted setups include DXY, EUR/USD, GBP/USD,USD/JPY, AUD/USD, USD/CAD, USD/CHF, NZD/USD, Gold, DAX and Bitcoin.

DXY 5-Minute Chart

DXY 5-Minute Chart

DXY retraces the decline from earlier this week as the U.S. economy adds 200K jobs in January, with Average Hourly Earnings climbing an annualized 2.9% during the same period to mark the fastest pace of growth since 2009.

The series of above-forecast prints may keep the U.S. dollar afloat as it encourages the Federal Open Market Committee (FOMC) to further normalize monetary policy, and a growing number of central bank officials may prepare U.S. households and businesses for a March rate-hike as St. Louis Fed President James Bullard, Dallas Fed President Robert Kaplan, New York Fed President William Dudley, Chicago Fed President Charles Evans, San Francisco Fed President John Williams, Philadelphia Fed Presidents Patrick Harker, Minneapolis Fed President Neel Kashkari and Kansas City Fed President Esther George are all scheduled to speak over the days ahead. Want to know what other currencies the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

DXY Weekly Chart

DXY Weekly Chart

The index is approaching down-slope support at 88.00/26 and while the broader outlook remains weighted to the downside, the immediate decline is vulnerable heading into this region. The daily momentum profile highlights the risk for a rebound next week which could ultimately offer more favorable short-entries. Bearish invalidation is now lowered to 91.33 with a break lower from here targeting the 2011 trendline support near ~86.70s.

DailyFX Calendar

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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

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