Newsonline reports that the buying interest around the greenback accelerated in the wake of the publication of the October Nonfarm Payrolls, lifting the US Dollar Index (DXY) to new highs near 94.60 on Friday.
The index keeps the constructive stance on Friday after the US economy created 531K jobs during October, surpassing expectations for a gain of 450K jobs. In addition, the September reading was revised to 312K jobs (from 194K).
Further data showed the jobless rate eased to 4.6% and the critical Average Hourly Earnings – a proxy for inflation via wages – rose 0.4% MoM and expanded 4.9% over the last twelve months. Another key gauge, the Participation Rate, stayed put at 61.6%.
Now, the index is gaining 0.29% at 94.60 and a break above 94.74 (monthly high Sep.24 2020) would expose 95.00 (round level). On the flip side, the next down barrier emerges at 93.42 (55-day SMA) followed by 93.27 (monthly low October 28) and finally 92.98 (weekly low Sep.23).
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