RJO FuturesCast

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Currencies

Jobs Number from US Could Move USD Higher

Posted 08/02/2018 9:19AM CT | Tony Cholly

To no surprise, the upbeat Fed stance from yesterday has contributed to the dollar strength this morning.  In fact, the trade has restarted talks of a September rate hike and that thinking is largely due to residual proof of strength in the US job sector.  Besides a good ADP reading Wednesday, the markets will be presented with four jobs related data points by Friday morning and the bias is for decent/positive readings and that would seem to set the stage for a near-term rise back above 95.00 and potentially a rise all the way back to the mid July highs of 9545.

While euro zone producer prices could have been mildly supportive of the euro this morning, significant fresh damage on the charts and residual bullish sentiment toward the dollar leaves the currency in a definitive downward motion.  Resistance is at 11720 and 11750 with support at 11677.

US Dollar Sep ’18 Daily Chart

US Dollar Sep '18 Daily Chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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