FX.co ★ USDX outlook for November 9, 2020

• DXY's downside momentum gathers traction and approaches 92.00.
• The 2020 low near 91.70 emerges as the next key support.

The nonfarm payrolls repot exceeded market forecast with 638K job gains, unemployment rate at 6.9%. USD weakened amid Bidem's victory.

The US dollar (DXY) weakness with better-than-expected nonfarm payrolls data triggered the selloff. Non-farm payrolls data topped market forecast of 600K with actual figure at 638K job gains for the month of October. The unemployment rate also improved considerably after falling from 7.9% to 6.9%.

DXY at the downside and trades already in 2-month lows at 92.30. The door is now open not only for the continuation of the downtrend but also to a potential drop to the September low at 91.75.