Markets on Friday: USD Begins its Charge
Rowan Crosby • 1 min read
Wall Street found a bit of a bid on Thursday, helped by some strong economic data and a rally in the FAANG stocks. The USD also got moving and broke out of the trading range that is had previously been stuck in.
Both durable goods and better employment claims helped lift the USD. While the GDP number was as it was expected to be.
Today’s Asian calendar once again appears light. With the main economic data point of note, being the manufacturing PMI reading out of China. While Australia has housing and private sector credit data.
Japan has a host of data including CPI, jobs, retails sales and industrial production. However, traditionally these don’t moe the USD/JPY all that much.
The USD Outlook
The DXY pushed higher yesterday and is now testing the resistance level at 95.00. After a brief test and rejection of 94.00, price rallied strongly into the US close.
95.00 has been a level that has provided some decent support and resistance recently, so we need to watch this level.
If we can break and hold, I expect a strong move into 95.50 which has been the recent swing high and probably a bigger level than 95.00. Even though the latter is a round number.