DOLLAR INDEX
U.S. Dollar Index is trading above the $97.40 support zone, and prices are likely to move sideways between the minor resistance level of $99 and the aforementioned support level.
|
Support |
97.40 | 96.30 | – |
| Resistance | 99.00 | 100.30 |
101.40 |
The US dollar experienced a notable decline today, as it weakened against several major currencies due to renewed concerns about the US Federal Reserve’s policy. This drop comes amid market anticipation of upcoming economic data that could influence the Fed’s decisions regarding interest rate hikes or cuts. The dollar’s decline particularly impacted the USD/JPY pair, which fell to its lowest level in recent times, while currencies like the euro and British pound strengthened. This decline presents an opportunity for investors in emerging markets, as some analyses predict that the dollar may continue to weaken if economic concerns persist and expectations for a Fed rate cut increase.
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