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Dollar rises following positive news from Trump about the Fed and tariffs

Technical Analysis
By Mostafa Mahmoud
Dollar rises following positive news from Trump about the Fed and tariffs
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DOLLAR INDEX

مؤشر الدولار الأمريكي 23-4-2025

The US Dollar Index is trading below the resistance level of $100.00, and prices are likely to move within a range between the support level of $97.40 and the aforementioned resistance level.

Support

 97.40 95.80 –
Resistance 100.00 100.00

–

The US Dollar Index (DXY) rose by 0.31%, reaching 99.22 points, after dropping to 97.92 points in the previous session, its lowest level since March 2022.

This increase was driven by statements from US President Donald Trump, who confirmed that he had no intention of removing Federal Reserve Chairman Jerome Powell, alleviating concerns about the independence of the US central bank. Additionally, US Treasury Secretary Scott Pessin mentioned the possibility of easing trade tensions with China, boosting investor risk appetite.

On the global markets front, major US stock indices rose by more than 2.5%, supporting demand for the dollar as a safe-haven currency. In contrast, gold prices dropped by 1.25%, with the price of an ounce closing at $3,335, after reaching a record high of $3,500.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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