Dollar Rallies Despite Weak NFP
September 2, 2016 4:32 pmVideo
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The Dollar Index (DXY) The US Non-Farm Payroll (NFP) and Unemployment Rate for August were released earlier. The NFP reading fell to 151k, lower than both expectations of 181k, and the previous figure of 255k in July. The Unemployment Rate was 4.9%, in line with the previous figure, yet slightly higher than the expectations of 4.8%. The NFP figure is crucial for the Fed to gauge whether or not they have to hike rates in September. The disappointing figures imply that the chance of a rate hike in September have faded. Yet there is still a chance of a rate hike in December, the FOMC meeting in September could be used to pave the way. After the figures released, DXY plunged to a week low of 95.17, from 95.79, a 0.65% fall. Yet after testing the significant support level at 95.20, the index rebounded sharply, broke the resistance level at 95.80 and held. The resistance level is at 96.00, followed by 96.23. The support line is at 95.80, followed by 95.60 and 95.40. EURUSD Yesterday EURUSD broke the downtrend line resistance line as the dollar weakened as a result of the weak ISM manufacturing figure. Today after the NFP and Unemployment Rate figures released, EURUSD rallied from the 50% Fibonacci retracement level at 1.1158, testing the upside resistance level at 1.1240, then retraced deeply broke the significant downtrend line support and the support level at 1.1158 as the dollar strengthened. The resistance level is at 1.1158, followed by 1.1173 and 1.1200. The support level is at 1.1130, followed by 1.1100. Keep an eye on the Dollar Index (DXY) as it will influence the trend of the EURUSD. GBPUSD GBPUSD turned bullish and broke the consolidation pattern yesterday as the dollar weakened, as a result of the weak ISM manufacturing figure. Today after the NFP and Unemployment Rate figures released, GBPUSD rallied again, broke the resistance level at 1.3300. It further tested the next resistance level at 1.3350 then retraced as the dollar strengthened. The next resistance level is at 1.3400. It is currently testing the newly formed support line at 1.3300. The next support level is at 1.3270, followed by 1.3250 and 1.3230. Silver Silver has turned bullish since yesterday, broke the downtrend channel resistance as the dollar weakened. Today after the NFP and Unemployment Rate figures released, Silver surged and tested the upside significant downtrend line resistance at 19.20. In addition, the Stochastic Oscillator is around 70, and the CCI indicator is above 100, be aware of a pullback in this price zone. The resistance level is at 19.20, followed by 19.50 and 19.70. The support level is at 19.00, followed by 18.80 and 18.55.
Source: FX Pro Market Snapshot
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