USD: a disappointing jobs report?

USD: a disappointing jobs report?

2021-06-07 • Updated

US dollar index, H4 chart

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US dollar index, daily

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The US Jobs Report could be considered as a disappointing report, excluding the wages growth which keeps the fears over inflation. The rest of the numbers were less than expected. Even the Unemployment Rate, which dipped to 5.8% was not an improvement, as this was mainly due to the drop in the participation rate as well. Such data confirms that the Federal Reserve is unlikely to move any time soon with tapering. The US Dollar Index declined back on Friday however, it is still trading above the key 90.0 support area and the broken channel. In the meantime, a break of that support area would renew the downside pressure back to 89.60’s. Otherwise, the USD index may show further strength later this week, eyeing the 91.0 resistance area.

S3

S2

S1

Pivot

R1

R2

R3

89.06

89.66

89.90

90.26

90.50

90.86

91.47

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