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US Dollar Index reverses Friday’s gains, plunges into 106.00 – Crypto News
- The US Dollar Index has gone full reverse in Friday trading following a forecast-busting NFP release.
- The DXY pegged a new low for the week after dropping away from 107.00.
- Market sentiment has twisted the throttle on risk appetite to close out the trading week, piling out of safe havens.
The US Dollar Index (DXY) tumbled in Friday trading after briefly reclaiming the 107.00 handle, sagging into a fresh low for the week at 105.95.
US Non-Farm Payrolls (NFP) figures on Friday handily beat forecasts, adding 336K jobs in September, well above the forecast decline to 170K and surging above the previous month’s reading of 227K (revised upwards from 178K).
US Nonfarm Payrolls soar by 336,000 in September vs. 170,000 forecast
Inflation remains a firmly sticky thorn in the Federal Reserve’s (Fed) side, and ongoing inflationary pressure is making market participants nervous that the Fed will have no choice but to keep interest rates higher for longer.
US: All eyes will be on inflation data – RBC
Forex Today: US data sustains Dollar strength, focus shifts to inflation
Dollar Index technical outlook
The US Dollar Index spiked to an intraday high just shy of the 107.00 level in Friday’s trading on reaction to the better-than-expected NFP report, but broader markets quickly turned risk-on, sending the DXY into a fresh low for the week at 105.95.
The US Dollar is trapped on the low end to close out the trading week after Friday’s nearly-1% plunge top-to-bottom, and the DXY is set for a showdown on daily candlesticks with a rising trendline from July’s lows at 99.56.
Dollar Index daily chart
Dollar Index technical levels
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