US Dollar Index builds on the post-NFP positive move, lacks bullish conviction – by hareshmenghani DollarIndex NFP Fed RiskAppetite Currencies
nt bounce from the lowest level since early February touched last Wednesday. This marks the fourth successive day of a positive move for the buck, though lacks follow-through or bullish conviction amid the uncertainty over the Federal Reserve's rate-hike path.
The mostly upbeat US monthly employment details released on Friday suggested that the US central bank may have to raise interest rates next month. In fact, the headlineshowed that the US economy added 236K new jobs in March against market expectations for a reading of 240K. Furthermore, the jobless rate edged down to 3.5% from 3.6% the previous, while Average Hourly Earnings rose 0.3% during the reported month.
Apart from this, the risk of a further escalation in tensions between the US and China is seen as another factor benefitting the Greenback's relative safe-haven status. It is worth mentioning that China retaliated against Taiwan President Tsai Ing-wen’s US visit and carried out aggressive military drills around Taiwan on Monday. The de facto US embassy in Taiwan said on Sunday the US has sufficient resources and capabilities regionally to ensure peace and stability.
also features the release of the latest consumer inflation figures and monthly retail sales data, which if misses consensus estimates will take Fed rate-hike bets off the table and weigh on the USD.
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