Markets were largely quiet overnight as U.S. markets were closed for the Labor Day holiday, note OCBC FX strategists Frances Cheung and Christopher Wong.
Lots of data on the way
“Market activity could pick up as data releases intensify with payrolls due to end the week on Friday. Greater emphasis will be placed on labor market-related data as the Fed’s focus has shifted to supporting the labor market. Today we have ISM Manufacturing, New Orders, Employment.”
“Good and bad data may point to USD strength, while data in line with estimates may see a more muted USD response. The DXY was last at 101.67. Daily momentum turned slightly bullish, but the rise in the RSI moderated. We still see some risks of a further short squeeze.”
“Resistance at 102 (21 DMA), 102.20 (23.6% Fibonacci retracement of 2023 high to 2024 low). Support at 100.50 levels. Focus for the week is on JOLTs Job Openings (Wednesday), ADP Employment, ISM Services Employment (Thursday) and the US Payrolls report on Friday.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
