U.S. Dollar Uptrend Survives Election Drop Ahead of Payrolls

The U.S. dollar outlook turns to payrolls after the DXY recovered a sharp pullback into the midterm elections and held its yearly uptrend. Michael Boutros, StoneX Media Senior Market Analyst, breaks down the U.S. dollar index across monthly, weekly, daily and four-hour charts, and the data releases lined up next. Nonfarm payrolls are the immediate test for the U.S. dollar, following an ADP private payrolls report that came in hotter than expected. Markets are still largely pricing a Federal Reserve rate hike in December, so a stronger or weaker labor market reading feeds directly into that expectation. The DXY remains inside its broader yearly uptrend, and daily and weekly closes around a key support zone show if the pullback deepens. After payrolls, the next major catalyst for the U.S. dollar is the U.S. CPI inflation update. 00:00 - Dollar Rebounds After Midterms 00:23 - DXY Yearly Uptrend Holds Firm 01:26 - Support Cracks, No Daily Close 04:21 - Hot ADP Print Sets Up Payrolls 04:43 - Fed Hike Bets Ride on Jobs 05:27 - CPI Lines Up as Next Catalyst Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share Like and subscribe for more financial market insights. #DXY #StoneX #MichaelBoutros #Forex #NFP --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@StoneX_Official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social