US Dollar under pressure to start new week ahead of critical Fed publication – by eren_fxstreet DollarIndex Macroeconomics UnitedStates Fed
US Dollar Index registered losses last week despite upbeat April jobs report.The US Dollar struggles to find demand on Monday and stays within a touching distance of the multi-month low it set below 101.00 on April 14. Investors will pay close attention to the US Federal Reserve's Senior Loan Officer Opinion Survey, which could shed a light on the impact of tight monetary policy on financing conditions, for the first quarter later in the day.
Assessing the labor market data, “since spring 2022, labor supply has increased, but labor demand has not. There are no job vacancy statistics for April," said Ulrich Leuchtmann, Head of FX and Commodity at Commerzbank. "However, there is no reason to believe that the high number of new hires is anything other than a continuation of this trend: that vacancies are being filled.
The US Dollar Index remains technical bearish in the near term with the Relative Strength Index indicator on the dailystaying below 50. Additionally, the DXY ended the week below the 20-day Simple Moving Average despite having climbed above that level on Friday.The 20-day SMA forms dynamic resistance at 101.60 ahead of 102.00 and 102.70 .The US Federal Reserve has two mandates: maximum employment and price stability.
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