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Yesterday, the USDOLLAR pushed into its bullish channel between its upper blue and red bands (blue rectangle). The RSI also crossed into its bullish area above 50 (green rectangle). The greenback rallied on the strong ADP data, which pushed the US 2-year yields up around 11bps.
A strong labour market is a cause for a hawkish Fed as the central bank is worried about wage inflation. Today’s non-form employment change (NFP) release will be watched closely. A beat in consensus will probably be dollar supportive.
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