Risks remain tilted towards some extension of the USD rebound – Scotiabank

Source Fxstreet

The USD is steady in broad terms to start the week. Economists at Scotiabank analyze Dollar’s outlook.

Jobs data dust settles

Choppy USD trade Friday around the release of better-than-expected NFP but softer than forecast ISM Services data (especially employment) leaves a bit of a question mark over the near-term direction of FX, at least.

The slide in the USD reflected weaker US yields and perhaps positioning running into the jobs report where expectations had favoured stronger data. Downward revisions to the prior months’ data also took the edge off the USD’s initial reaction to the NFP report. Still, with the dust settling after the data, the USD won back some of the ground lost and still managed to close out the week in relatively positive shape. 

From a broader point of view, risks – reflecting seasonal trends and technical price action – remain tilted towards some extension of the broader USD rebound that developed over the turn of the year.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Ethereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale BleedsNine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday.
Author  NewsBTC
Jul 25, Thu
Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday.
placeholder
Sooner Fed rate cuts may not save economy from recessionInvesting.com -- Sooner Federal Reserve rate cuts may not be enough to stop the central bank from falling behind the curve, throwing the economy and the current stock bull market into a wreck. The ris
Author  Investing.com
Yesterday 01: 13
Investing.com -- Sooner Federal Reserve rate cuts may not be enough to stop the central bank from falling behind the curve, throwing the economy and the current stock bull market into a wreck. The ris
placeholder
Ethereum Whales Rapidly Accumulate ETH Amid Price DeclineEthereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
Author  NewsBTC
Yesterday 01: 17
Ethereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
goTop
quote