Friday's Jobs Data Undercuts Huge Rally in Dollar Index
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The USD Index, often traded using the ETF PowerShares DB US Dollar Index Bullish (NYSE: UUP), is rolling over in early trading on Monday. The index has rallied from 78.50 at the beginning of May to a high of 83.54 which was struck on June 1st.
But the index is in the process of pulling back as traders digest the weak jobs data. Considering the speed of the rally, there is risk that a short term correction could be swift and sharp, say traders.
The dollar index is trading lower at 82.48 early on Monday. Support should come in at $81.80, and if that breaks the price will likely test $81 in short order, where it would likely consolidate short term.
But the index is in the process of pulling back as traders digest the weak jobs data. Considering the speed of the rally, there is risk that a short term correction could be swift and sharp, say traders.
The dollar index is trading lower at 82.48 early on Monday. Support should come in at $81.80, and if that breaks the price will likely test $81 in short order, where it would likely consolidate short term.
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