US Dollar Strengthens Post Non-Farm Payrolls as Indices Hold Positive Sentiment

Today’s calendar is empty, with no Tier 1 data to influence the markets. We are still digesting the Non-Farm Payrolls from Friday, which came in stronger than expected. As you may have seen, indices reacted positively to this data, ending the previous week on local highs. However, the rally was modest, lacking any spectacular gains. Today, we are starting with a small bearish correction, but the overall sentiment on indices remains positive, with market participants still riding the momentum from last week.

On the currency front, the American Dollar continues to be the strongest currency, buoyed by the robust Non-Farm Payrolls data. Today, the dollar is outperforming safe havens like the Swiss Franc and Japanese Yen. Meanwhile, the British Pound, New Zealand Dollar, Canadian Dollar, and Euro are on the weaker side, showing declines against the dollar.

Turning to commodities, last week closed with promising bearish setups on precious metals like gold and silver. As of today, both metals are trying to extend their declines, and it will be interesting to see if this marks the start of a bigger bearish trend. Finally, a quick look at oil shows that prices remain relatively high. WTI oil has broken above the key $72.6 resistance level, and staying above this threshold is crucial for maintaining the current buy signal in oil.

Source: https://www.axiory.com/analytics/market-news/us-dollar-strengthens-post-non-farm-payrolls-as-in