The US dollar is demonstrating notable resilience, bouncing back from key support levels and hinting at a possible upward trend, amid expectations that the Federal Reserve may pause on raising interest rates. This outlook is partly due to October's weaker-than-expected job growth, which could influence the Fed's rate decisions as it aims to balance employment with inflation control.
Following the release of the Non-Farm Payroll (NFP) report, the dollar saw a 1% drop, allowing the pound and euro to gain against it. However, the dollar quickly steadied, maintaining above the May 2023 peak of 104.61, suggesting a stable base for potential growth. A continued rise above the October peak of 107.05 could signal a more significant rally ahead.
Against the Japanese yen, the dollar has climbed 14% this year, with last year's high of 151.94 now serving as a strong support. If the dollar's momentum persists, it could break past this level and ascend further.
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Following the release of the Non-Farm Payroll (NFP) report, the dollar saw a 1% drop, allowing the pound and euro to gain against it. However, the dollar quickly steadied, maintaining above the May 2023 peak of 104.61, suggesting a stable base for potential growth. A continued rise above the October peak of 107.05 could signal a more significant rally ahead.
Against the Japanese yen, the dollar has climbed 14% this year, with last year's high of 151.94 now serving as a strong support. If the dollar's momentum persists, it could break past this level and ascend further.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
