ADP Report has given hopes!
Weak ADP Report has given some hopes to investors regarding less hawkish FED and bullish rally started. Today’s NonFarm Payrol will be critical. The first resistance is 13.263 and first support level is 12.725 Level.
The dollar index held around 101.7 on Friday after falling nearly 1% in the previous session, facing pressure from a strong rally in risk assets and uncertainties about the Federal Reserve’s monetary tightening plans. Overnight data showed US private payrolls rose less than expected last month, while investors await US non-farm payrolls data due later today to gauge the strength of the broader economy and guide the outlook for US monetary policy. Markets are priced for two 50-basis point rate increases in June and July but the dollar has been pushed around this week by uncertainty about what happens after that. Meanwhile, two policymakers signaled on Thursday that the central bank is likely to continue tightening monetary policy beyond the half-percentage point rate hikes expected at each of its next two meetings.