Daily Analysis For US Doller Index 05-05-2023

Daily Analysis For US Doller Index 05-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
01:00(Japan) International Children's DayNoneJPY
01:00(Netherlands) Liberation DayNoneEUR
02:30(Australia) Home Loans MoMMediumAUD
02:30(Australia) Investment Lending for HomesMediumAUD
02:30(Australia) RBA Statement on Monetary PolicyMediumAUD
02:45(China) Caixin Composite PMILowCNY
02:45(China) Caixin Services PMIHighCNY
06:45(Switzerland) Unemployment RateHighCHF
07:00(Germany) Factory Orders MoMMediumEUR
07:30(Switzerland) Inflation Rate MoMLowCHF
07:30(Switzerland) Inflation Rate YoYMediumCHF
07:30(Switzerland) CPIHighCHF
07:45(France) Industrial Production MoMMediumEUR
07:45(France) Private Non Farm Payrolls QoQLowEUR
08:00(Austria) Wholesale Prices YoYLowEUR
08:00(Austria) Wholesale Prices MoMLowEUR
08:00(Austria) Balance of TradeLowEUR
08:00(Slovakia) Retail Sales YoYLowEUR
08:00(Slovakia) Retail Sales MoMLowEUR
08:00(Spain) Industrial Production YoYLowEUR
08:00(Switzerland) Foreign Exchange ReservesLowCHF
08:30(Euro Area) S&P Global Construction PMILowEUR
08:30(France) S&P Global Construction PMILowEUR
08:30(Germany) S&P Global Construction PMIMediumEUR
08:30(Italy) S&P Global Construction PMILowEUR
09:00(Italy) Retail Sales MoMHighEUR
09:00(Italy) Retail Sales YoYHighEUR
09:30(Slovenia) Balance of TradeLowEUR
09:30(United Kingdom) S&P Global/CIPS Construction PMIMediumGBP
10:00(France) New Car Registrations YoYLowEUR
10:00(Euro Area) Retail Sales YoYHighEUR
10:00(Euro Area) Retail Sales MoMHighEUR
11:00(Luxembourg) Inflation Rate YoYLowEUR
11:00(Luxembourg) Inflation Rate MoMLowEUR
11:00(Spain) Consumer ConfidenceMediumEUR
13:30(Canada) Average Hourly Wages YoYLowCAD
13:30(Canada) Full Time Employment ChgMediumCAD
13:30(Canada) Part Time Employment ChgMediumCAD
13:30(Canada) Participation RateMediumCAD
13:30(Canada) Employment ChangeHighCAD
13:30(Canada) Unemployment RateHighCAD
13:30(United States) Manufacturing PayrollsLowUSD
13:30(United States) Nonfarm Payrolls PrivateHighUSD
13:30(United States) Non Farm PayrollsHighUSD
13:30(United States) Unemployment RateHighUSD
13:30(United States) Government PayrollsLowUSD
13:30(United States) Participation RateMediumUSD
13:30(United States) Average Weekly HoursLowUSD
13:30(United States) Average Hourly Earnings MoMMediumUSD
13:30(United States) Average Hourly Earnings YoYMediumUSD
14:30(United States) Used Car Prices MoMLowUSD
14:30(United States) Used Car Prices YoYLowUSD
15:00(Ecuador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate YoYLowUSD
15:00(El Salvador) Inflation Rate MoMLowUSD
18:00(United States) Baker Hughes Oil Rig CountLowUSD
18:00(United States) Baker Hughes Total Rig CountLowUSD
20:00(United States) Consumer Credit ChangeLowUSD
Today's Scenario: - The US Dollar Index (DXY) is currently trading around 101.40 and struggling to gain momentum after recording its first daily gain in three days. The market sentiment is cautious ahead of the release of the US Non-Farm Payrolls (NFP) report, leading to mixed updates on the US banking sector and lackluster data. According to Fed data cited by Reuters, a significant portion of the central bank's emergency lending activities in recent weeks were linked to the now-defunct First Republic Bank. Additionally, there is mounting pressure on US regulators to take further steps to support the country's banking sector as the shares of regional lenders experience renewed selling pressure, which has prompted PacWest Bancorp to explore options to strengthen its balance sheet.
Buy Scenario: - The main trend for June U.S. Dollar Index futures is currently down, but the market rebounded after hitting a low of $100.740. The index is currently hovering around the support level (S1) at $101.094, with buyers stepping in earlier around the support levels of $100.420 and $100.345.
If the index continues to trade above the support level, it may indicate that buying pressure is getting stronger. The next resistance levels to watch are $101.303 (R1) and $101.463 (R2). If the market moves beyond these levels, we may see a strong upward momentum as short-covering and aggressive speculating kick in. Till we do not advise to buy US Dollar Index.
Sell Scenario: - However, if the market fails to hold above the support level and falls below it, it may signal the return of sellers. This could lead to a retest of the $100.520 support level before the close of the session. Till we do not advise to sell in US Dollar Index
Support and Resistance Level: -
SupportResistance
S1 101.10-R1 101.71
S2 100.76-R2 101.98
S3 100.49-R3 102.32

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