10
Mar
2019

Weekly Technical Outlook – 10.Mar.2019

Challenging fresh 2019 highs at 97.71, the US dollar put in solid gains last week, up 0.96%. On the data front, US ISM non-manufacturing PMI reported strong gains (59.7 vs. expected 57.4). Total non-farm payroll employment was little changed in February (+20,000 – the fewest in more than a year), after increasing by 311,000 in January, the US Bureau of Labour Statistics reported Friday. The US unemployment rate also declined to 3.8%, beating expectations of 3.9%, and US average hourly earnings ticked higher at 0.4% vs. expected 0.3%. The release weighed on an already waning greenback, pulling back from the said 2019 highs.

From a technical view point, the buck faces strong weekly resistance around 97.60s this week. Beyond here, the next port of call falls in around monthly resistance at 99.62.