State of the market: expectation for the US employment data puts pressure on the American dollar

With the opening of Friday trades, the US dollar strengthened the decline against a basket of competitors. The reason for this was the expectation of a report in the US, forecasts for which remain very weak, and the growth of optimism on stock exchanges. Thus, the positive start of stock indices in the Asia-Pacific region returned optimism to the market, renewing the pressure on the US dollar, which received support from rising risks earlier.

The US dollar index has remained under the pressure from the start of the day, resuming the downward trend after the US Federal Reserve meeting, actually gaining a foothold at the level of 97.40-30 and opening the way for support levels: 97.10-00 and 96.80. Pessimistic expectations about the US labor market will increase pressure on the dollar, but the significance of the employment report will also have a chilling effect on the American dollar. Resistance is located at the levels of 97.50 and 97.70.

Read also: “G20 Summit – what to expect and to beware of”

Hanzenko Anton

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