On the back of positive US Jobs data, the Dollar rolls into midweek looking strong against its peers.
The Dollar is at its one-month highest point midweek. Factors driving this renewed buying interest can be attributed to firmer US employment data, as well as president Biden and Treasury secretary Yellen pushing back firmly on recession fears and backing the Fed’s hawkish stance on monetary policy ahead of their next move. That being said, the three day rally took a breather as investors digested Powell’s speech yesterday at the Economic Club of Washington where he said the FED didn’t expect such a strong jobs report for January, but nevertheless, they wouldn’t be expecting to cut rates anytime soon, however there seems to be a good path being carved out and they are accomplishing what they intended with their monetary policy stance.
Technical Analysis (D1)
The key to market structure was broken briefly by price. 101.15 The area in which the previous higher-lower was formed in June 2022. However, it is worth noting that the price is now approaching the area in a corrective form in the shape of a downward channel. It could turn…