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The Dollar Index (DXY) ended the first day of July at 105.82, slightly below Friday’s 105.87, senior FX strategist at DBS Philip Wee notes. USD fears a weaker US monthly jobs report  “DXY’s most significant component, the Euro (EUR), initially spiked and met resistance at 1.0776 (50-DMA) on the far-right National Rally party failing to secure an outright majority at the first round of the French elections on Sunday. EUR/USD ended Monday at 1.0740, back inside the 1.0650-1.0750 range seen in the second half of June.” “Similarly, DXY has been consolidating in a 105.3-106.2 range since June 21. While the EUR fears the second round of the French elections (on July 7) will produce a far-right government or a hung parliament, the USD is wary of a weaker US monthly jobs report (on July 5) opening the door increasing the market’s bet for the Fed to lower rates in September.” “GBP/USD has been within 1.26-1.27 over the past week amid more clarity about the UK elections on July 4, producing a majority government led by the opposition Labour Party.”  Source: https://www.fxstreet.com/news/dxy-consolidates-in-a-1053-1062-range-dbs-202407021345

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Filed under: News - @ July 2, 2024 5:18 pm