Markets on Friday: The USD Stumbles Towards the Jobs Report
Rowan Crosby • 1 min read
The USD didn’t get too much of a helping hand from the FOMC on Wednesday and as a result market forces kept on pushing the Greenback down.
It’s been nothing short of a bear market for the USD as price has kept on making new lows. That helped the majors strengthen against the US Dollar as we head into the big news day of the week.
Of course, that’s the US non-farm payrolls which will be released Friday morning, US time. Anything but a strong result will see the USD get yet another whack.
Bitcoin (BTC) was once again in the spotlight as it plummeted beneath the all-important 10,000 mark. On Coinbase we saw price reach $8400 which was beneath the January low.
Can the USD Hold?
Today’s employment report will be the key for the USD. That goes without saying. I won’t be taking any positions ahead of the report, but should we get a spike that might be an opportunity to fade for a multi-day move. 89.50 is my focus area for selling.
Any weakness and we are almost certain to take out the lows at 88.50.