Dollar Index Awaits Key Economic Data

DOLLAR INDEX

The U.S. Dollar Index is trading around the 103.50 support zone, and prices are likely to rebound upward to retest the 105.50 resistance area. This scenario would be invalidated if the previously mentioned support zone is broken to the downside in today’s trading.

The US Dollar Index (DXY) remained relatively stable, recording a slight increase of 0.05% to reach the level of 103.50. This stability comes amid investors’ anticipation of the upcoming Federal Reserve meeting this week, with expectations indicating a possible decision to keep interest rates unchanged.

On the economic front, data from China showed a 4% increase in retail sales in February, surpassing the expected growth of 3.8%. Additionally, industrial production grew by 5.9%, exceeding the forecasted growth of 5.3%. These positive figures may contribute to boosting investors’ risk appetite, which could impact the movement of the US dollar.

Overall, the performance of the US Dollar Index today reflects a state of anticipation and caution among investors, as they closely monitor global economic developments and upcoming central bank meetings that may determine the future course of monetary policies.

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