Markets on Wednesday: The USD Pushes Up
Wall Street was back on Tuesday and it’s fair to say the lead was a little on the soft side. Equity markets fell away a touch despite some decent data. While the USD pushed up.
There was a strong ISM manufacturing number which looks like it will be good news for the overall economy. As that will hopefully mean some growth in the jobs market. Lets not forget the big number due for release this week is US jobs on Friday.
The strong dollar put most of the majors under pressure, but hte GBP was buoyed by some positive Brexit news.
The AUD/USD and NZD/USD were particularly weak and we saw selling in the base metals which will weigh on the miners during the Asian equity session I would think.
The big number this morning is Aussie GDP, which is expected to be 2.8% YoY.
The USD is Grinding
The DXY popped into the support turned resistance level at 95.50 slowly but surely we are notching up wins here.
96.20 has been a level previously so that is where the volume has been and the next one I’ll be looking for.
To the downside 95.50 should provide support. The DXY looks to have turned the corner now after a bit of a sell-off and this one will get interesting come Friday’s job report.
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