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The May Jobs Report is a Bummer. The Dollar Plummets, and Commodities Surge as The Fed Finds Itself Again on the Hot-Seat into the June 15 FOMC Meeting


In reaction to a very weak May Jobs Report, The Dollar Index (DXY) is under intense downside pressure, down 1.5% from its pre-report levels.

Let's notice that the price structure has pivoted to the downside from both its 2016 resistance line and its 200-Day EMA, in the vicinity of 95.85, and has now declined beneath its 20-Day EMA, suggesting strongly that the May-June recovery rally is over.

The question now is whether or not DXY makes a "B-line" right for a retest of the May 3 low at 91.92?

Only a close above the 20-Day EMA, now at 95.02, will begin to neutralize current post-data damage.

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