Dollar Strengthens on NFP Data
The US dollar has gained incredible strength off of the Non Farm Payroll numbers, which came at a headline beat with employment at 3.5%. This suggests that the markets feel that the Fed is now more emboldened to hike rates even further at their September meeting. The DXY is still holding the range established when it started its sideways corrective phase after the pull back from the low 109's. We dipped down into the 105's, and subsequently pivoted back to the 106's, with 107.20 still an upper bound. If we retrace this rally, then expect support at 106.13 or the 105's.
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