DOLLAR INDEX
The US Dollar Index is trading around the support zone of $98.25, and it is likely that prices will break below this level, targeting $95.50. This scenario would be invalidated if the minor resistance level at $99.85 is breached to the upside.
|
Support |
97.80 | 95.50 | – |
| Resistance | 99.85 | 101.25 |
103 |
Weak U.S. economic data was released today (retail sales dropped by -0.9% and industrial production fell by -0.2%), reinforcing expectations that the Federal Reserve will keep interest rates steady for now and delay any cuts until at least September.
Rising tensions in the Middle East are providing partial support for the dollar as a safe-haven asset, but weak U.S. economic growth is offsetting some of that support. The dollar has declined by approximately 9–10% since the beginning of the year, marking its largest half-year loss since 2002.
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