Dollar Surges on ADP Job Report + Oil Longs Pending Entry

The US Dollar Index (DXY) is up 0.65% for the day as the ADP job numbers came out better than expected. Despite this, Crude (Oil) is gearing up for an entry long.

This morning ADP job numbers came out at 978,000 versus the forecast of 645,000. In addition, unemployment claims came out slightly better at 385,000 versus 400,000 claims. The Dollar has once again pushed above 90.00 and is currently looking to push above 90.500.

With the Dollar shaping up to recover some losses, Crude (Oil) is looking to make a solid run at $77 per barrel. Price was able to withstand this morning’s bullish US data and is currently retesting yesterday’s high. Bullish price action hinting at a rejection would warrant an entry long.

Tomorrow we have the Non-Farm Payroll (NFP) which could extend Dollar gains if the report is bullish or bring the Dollar back down if the numbers are worse than expected. The majority of traders are hoping the Dollar can pick a trend and stick to it as it hasn’t been able to do that for the past few weeks.