USD Needs Solid Data to Continue HigherPosted 12/06/2018 9:12AM CT |
The USD is finding minor support this morning, but has stayed in a tight range early on because of the flare up in U.S./Chinese trade tensions from Chinese CFO being arrested in Canada and extradited to the U.S. This most likely indicates that traders are waiting on today’s set of U.S. data before the USD can attempt to extend rallies, especially because FED Chair Powell’s recent comments on U.S. rates being close to neutral. Although ADP survey and jobless claims may be overlooked by traders because of tomorrows employment situation, the trade balance and factory orders readings could have more impact on the markets given what has happened the past week. Support comes in at 9677 and 9556 with resistance at 9716 and 9736.
U.S. Dollar Index Dec ’18 Daily Chart