US DOLLAR OUTLOOK: USD PRICE ACTION SNAPPING HIGHER ALONGSIDE TREASURY YIELDS AS FEBRUARY 2021 NFP REPORT
US DOLLAR OUTLOOK: USD PRICE ACTION SNAPPING HIGHER ALONGSIDE TREASURY YIELDS AS FEBRUARY 2021 NFP REPORT TOPS FORECAST
- US Greenback buying and selling on its entrance foot headed into the opening bell on Wall Road
- Surging Treasury yields stays the speak of the city and supportive of the USD
- February 2021 Nonfarm Payrolls confirmed 379Ok job positive factors, unemployment at 6.2%
The US Greenback has tacked on to its latest string of positive factors to date throughout Friday’s buying and selling session. US Greenback energy seems broad primarily based throughout the key forex pairs and leaves the DXY Index up roughly 0.6% headed into the New York opening bell. USD worth motion has turned larger largely on the again of surging Treasury yields and comparatively extra enticing rate of interest differentials. This transfer accelerated yesterday in response to lack of pushback from Federal Reserve Chair Jerome Powell on rising long-term borrowing prices. That mentioned, merchants are additionally digesting the most recent spherical of month-to-month jobs information detailed within the February 2021 nonfarm payrolls report.
CHART OF FEBRUARY 2021 NONFARM PAYROLLS DATA
Chart Supply: DailyFX Financial Calendar
The NFP report simply crossing the wires revealed a stable beat relative to market forecasts. The headline change in nonfarm payrolls noticed a rise of 379,000 jobs and the unemployment price maintain regular at 6.3%. This compares to estimates searching for 182,000 job positive factors and the unemployment price to tick barely decrease to six.2%.
US DOLLAR INDEX PRICE CHART WITH TEN-YEAR TREASURY YIELD OVERLAID: 1-HOUR TIME FRAME (26 FEB TO 05 MAR 2021)
Chart by @RichDvorakFX created utilizing TradingView
The US Greenback Index continues to rocket larger due to the general stable employment figures discovered within the NFP report. This catapulted the DXY Index previous nearside technical resistance posed by the 92.00-price stage, which is underpinned by the lows from late August and early September final 12 months. As such, it seems that US Greenback bulls stay comfortably within the drivers seat with surging Treasury yields largely fueling the bid.
Maintain Studying – US Greenback Outlook: USD/JPY on Hearth as Yields Soar Publish-Powell
— Written by Wealthy Dvorak, Analyst for DailyFX.com
Join with @RichDvorakFX on Twitter for real-time market perception
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