The dollar index rallied last week and we expect to get a good jobs report this morning. However, all things considered, the dollar index momentum last week doesn’t compare with dollar momentum since the November 24th high. The flow of data should have channeled the dollar into fresh highs but instead the Dollar seems to be in sideways consolidation. This sideways trend can be attributed to competition from international recovery and a change of US trade agreements. However, the dollar may face an extremely active flow of US data today and that data looks to be a positive outcome for the market. Today's unemployment report could push IDX back over 101 and thus provide a staging level for further rallies, and corrections should continue the fight to hold 10100- to keep momentum. A break through 100675 could be considered a reversal into a correction phase down, which in turn will test a larger topping turnover. We shall see -
Series 3 Licensed
Senior Market Strategist
Daniel started his career as a broker with Lind-Waldock in 2007. He is well diversified in the markets with the indexes and currencies being his favorites. Daniel can often be found quoted in industry sources, such as Bloomberg, Dow Jones Newswires, WSJ and Futures magazine.