- The DXY breaks above the 92.00 level and hits the 2021 highs.
- The US economy added nearly 380,000 jobs in February.
- The unemployment rate dropped to 6.2% (from 6.3%).
The rise of the US dollar endlessly holding and trading at new 2021 highs by the 92.00 hurdle when tracked the US dollar index (DXY).
Stronger US Dollar Index With Rising Yields
The index remains offered around 92.00 on Friday after US non-farm payrolls widely beat forecasts during February. In fact, the economy added 379,000 jobs and surpassed the previous figure of 166,000 jobs.
Other optimistic results showed how the Unemployment Rate decreased a little to 6.2% (from 6.3%), the Participation Rate unchanged at 61.4% and the Average Earnings per Hour gaining 0.2% compared to the previous month.
The dollar’s push higher above 92.00 was also helped by returns from the US 10-year benchmark which briefly tested levels above the 1.60% level for the first time since February 2020.
Relevant levels
At the moment, the index is gaining 0.33% to 91.94 and a breakout of 92.19 (March 5, 2021 high) would open the door to 92.46 (23.6% of the Fibonacci level from the 2020-2021 drop) and finally to 92.93 (200-day SMA). On the other hand, the next support emerges at 90.47 (50-day SMA) followed by 89.68 (monthly low on February 25) and then 89.20 (low on January 6, 2021).
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