The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, jumped higher ahead of the US (US) trading session on Thursday (6/2), trading slightly above 108.00 at the time of writing. The move came after comments from US President Donald Trump expressing his intention to take over Gaza and reach a nuclear deal with Iran. In addition, a plan to end the war in Ukraine may be put forward this week or next by the Trump administration as well.
On the economic data front, comments from US Treasury Secretary Scott Bessent sparked some support in US yields. Bessent said that the Trump administration wants to lower the 10-year Treasury yield, not the Federal Reserve's (Fed) benchmark short-term interest rate, Bloomberg reported. For Thursday, the weekly US Jobless Claims are due, ahead of Friday's Nonfarm Payrolls release. The US Dollar Index (DXY) finally took a breather, bouncing off several technical levels in some major currencies against the US Dollar. Comments from US President Donald Trump and US Treasury Secretary Scott Bessent have at least helped spark a bit of a U-turn in the DXY after the last three days of decline. Meanwhile, pressure will build ahead of the January Nonfarm Payrolls report, due on Friday.
On the upside, the first barrier at 109.30 (July 14, 2022, high and uptrend line) was briefly breached but not held on Monday. Once that level is recaptured, the next level to reach before moving higher remains 110.79 (September 7, 2022, high).
On the downside, the October 3, 2023 high of 107.35 has held recent selling pressure. For now, that level seems to hold, although beware of the Relative Strength Index (RSI), which still has room to fall. Therefore, look for 106.52 (April 16, 2024 high) or even 105.90 (June 2024 resistance and 100-day Simple Moving Average) as better support levels.(Newsmaker23)
Source: FXstreet
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