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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Before the release of key CPI data, the bearish momentum of the US dollar index increased." Hope it will be helpful to you! The original content is as follows:
XM Forex APP News-On Monday (September 8), the US dollar index (DXY) fell slightly by 0.12% intraday to close at 97.6, continuing the sharp selling trend caused by weak employment data last Friday. The dollar was under pressure after the dollar index closed below the 50-day moving average later last week, and was suppressed by rising expectations of sharp easing from the Federal Reserve later this month. The low of 97.430 hit last Friday is currently the instant support level. If it falls below this level, the downward action may accelerate, further pointing to the low of 97.109 on July 24. On the upside, traders are paying attention to the key resistance level - the hub level 97.859, followed by the 50-day moving average of 98.100, and the other hub level 98.317. After weak non-farm employment data, the Federal Reserve became the market focus. The August non-farm employment report showed that employment growth slowed significantly, with the unemployment rate rising to 4.3% (the highest level in the past four years). The data prompted the market to quickly adjust its expectations for interest rates. Federal Funds Futures currently show that the probability of a 50 basis point cut this month has risen to 10% from 0% last week, according to the Chicago Mercantile Exchange (CME) Fed Watch Tool. Lee Hardman, foreign exchange strategist at Mitsubishi UFG, pointed out that although the U.S. dollar index fell below the key level of 98.000, the market's response was less severe than the level implied by short-term yield changes. He added that the weak non-farm employment report strengthened market expectations that the Fed restarted rate cuts, and the first rate cut could be even greater. The political pressure faced by the Federal Reserve is also intensifying.
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