The US Dollar Index (DXY) has crossed the 100 mark, indicating a strengthening of the US dollar against a basket of currencies. Market analysts note that the DXY could see further upside momentum if it moves above 100.50. Technical analysis suggests the DXY is breaking higher from a head and shoulders bottom pattern, with similar patterns observed in the euro and Japanese yen. This movement comes amid a decline in the 10-year Treasury yield, which fell to 4.15%. The dollar’s rise and the yield decline are occurring ahead of an upcoming US jobs report, with market activity described as thin.
USD index > 100 https://t.co/vTuhB3GD6a
$DXY above 100, still work to do https://t.co/wNZXS86L1J
DXY breaking higher from head an shoulders bottom, which is reflected in a similar topping pattern in euro. USD already took out neckline in head & shoulders bottom against JPY. See today's comment for initial targets: Ahead of jobs report in thin mkts. https://t.co/YzBJqGJFWo