The start of the new quarter was met with relative calm in currency markets as the US dollar (USD) traded lower, note OCBC strategists Frances Cheung and Christopher Wong.
USD trades higher across the board
“For the week, the focus is also on ISM data (Monday) and Payrolls (Friday). A softer figure should help the USD ease. That said, the recent US presidential debate (June 28) served as a reminder of how fluid US election risks can be and polls now indicate Trump leading over Biden. Trump’s better performance over Biden may add even more premium to the USD.”
“The DXY was last at 105.57. Bullish momentum on the daily chart remains intact but shows signs of moderating while the RSI fell. Support at 105.20 (50 and 100 DMAs), 104.80 (61.8% Fibonacci retracement of the October high to 2024 low). Resistance is seen at 106.20.”
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.
