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Markets Eye NFP After Manufacturing Scare

US Dollar (USD) Weekly Forecast: Bullish

  • Concerning forward-looking data sends the dollar lower ahead of the new week
  • US Dollar (USD) finds support, the Fed continues its cautions approach to rate cuts
  • US Dollar event risk for the week ahead: Services PMI and NFP
  • The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library

Concerning Forward-Looking Data to Translate into a Lower Start Next Week?

The dollar limped into the end of the trading week after US manufacturing data posted some slightly concerning results, as the overall sector continued to contract for the 16th straight month.

Notable standouts in the report surfaced via sub-indices, ‘employment’, ‘production’ and the forward-looking metric ‘new orders’ as they all declined compared to January. While the surveyed results…

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