DOLLAR INDEX
U.S. Dollar Index is trading around the 99 support area, and this zone is likely to limit the pace of the downside during today’s session.
|
Support |
99 | 98 |
| Resistance | 100 |
101 |
After the decline seen in the dollar today, it appears that the U.S. currency is under significant pressure due to growing expectations of an interest rate cut by the Federal Reserve. This drop reflects a decline in confidence regarding the strength of the U.S. economy in the short term, as investors adjusted their forecasts in light of weaker than expected economic data, leading them to focus on the possibility of a rate reduction.
Despite this decline, the dollar is still trading at relatively high levels compared to other major currencies. However, the increasing bets on a rate cut may continue to pressure the dollar. With the Federal Reserve’s meeting in December approaching, markets will be closely watching any announcements regarding monetary policy decisions, which could serve as a key driver for the dollar’s upcoming movements.
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