US Dollar Index bounces off lows, looks to reclaim 96.00 By pabspiovano DollarIndex Currencies Majors
Consolidation remains the name of the game around US yields.The greenback remains on the defensive although it managed to bounce off daily lows near 95.80 when measured by theFollowing fresh multi-day lows around 95.80, the index now regained some composure and looks to reclaim the key 96.00 zone in a context where US yields remain depressed amidst the broad side-lined theme.
The rebound in the dollar came soon after the ADP report showed the US private sector lost 301K jobs during last month, missing consensus although matching previous speculation that the labour market could have suffered the impact of the rapid spread of the omicron variant in past weeks. The drop in the ADP print was the biggest since April 2020, the onset of the pandemic.The dollar’s corrective downside remains well in place, although some decent support seems to have turned up around 95.80.
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