US Dollar Index licks its wounds below 105.00 as Fed Chair Powell’s Testimony, US NFP loom – by anilpanchal7 DollarIndex RiskAppetite Fed NFP YieldCurve
prices. “China should promote the peaceful development of cross-Strait relations and advance the process of China's "peaceful reunification", but also take resolute steps to oppose Taiwan independence,” said outgoing China Premier Li Keqiang.
It’s worth noting that softer prints of US data and mixed Fed talks weighed on the DXY the previous week. US ISM Services PMI for February came in as 55.1 versus 54.5 market expectations and 55.2 market forecasts. The inflation component of the PMI survey, the Price Paid sub-index, edged lower to 65.6 in February from 67.8 but surpassed analysts' estimate of 64.5. The New Orders sub-index rose to 62.6 from 60.4 and the Employment Index advanced to 54 from 50 in the same period.
Against this backdrop, the US 10-year Treasury bond yields rose to the highest levels since November 2022 before easing to 3.95% at the latest. That said, Wall Street closed with gains but S&P 500 Futures printed mild losses by the press time. Moving on, Fed Chair Powell’s testimony and China inflation data, as well as updates from China NPC, can offer short-term directions to the US Dollar Index. Following that, the US jobs report for February will be crucial for DXY traders. Should the latest losing streak of the US data continue, backed by Powell’s cautious remarks, the US Dollar may print more losses.A convergence of the 21-day and 50-day Exponential Moving Average , around 104.
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