DOLLAR INDEX
The US Dollar Index is trading below the resistance zone of 101.25, and it is likely that prices will decline to retest the minor support area at 100. This scenario would be invalidated if the aforementioned resistance zone is breached to the upside during today’s trading.
|
Support |
100 | 98.25 | 95.50 |
| Resistance | 101.25 | 103 |
104.25 |
The U.S. Dollar Index (DXY) saw a slight decline of 0.18%, reaching the level of 100.85, amid continued pressure from cautious anticipation of upcoming U.S. retail sales and producer price index data.
On the fundamental side, expectations that the Federal Reserve will delay interest rate cuts until September instead of July have provided temporary support for the dollar. However, ongoing uncertainty surrounding U.S. trade policies and declining global inflation continue to weigh on the greenback.
Overall, the dollar index showed a limited decline today as investors await key economic data, with both technical and fundamental challenges likely to influence its direction in the near term.
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