US Dollar Setting Up For A Bounce!The US dollar is demonstrating notable resilience, bouncing back from key support levels and hinting at a possible upward trend, amid expectations that the Federal Reserve may pause on raising interest rates. This outlook is partly due to October's weaker-than-expected job growth, which could influence the Fed's rate decisions as it aims to balance employment with inflation control.
Following the release of the Non-Farm Payroll (NFP) report, the dollar saw a 1% drop, allowing the pound and euro to gain against it. However, the dollar quickly steadied, maintaining above the May 2023 peak of 104.61, suggesting a stable base for potential growth. A continued rise above the October peak of 107.05 could signal a more significant rally ahead.
Against the Japanese yen, the dollar has climbed 14% this year, with last year's high of 151.94 now serving as a strong support. If the dollar's momentum persists, it could break past this level and ascend further.
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