US Dollar Index: DXY portrays pre-data anxiety ahead of United States Core PCE Inflation – by anilpanchal7 DollarIndex Inflation Fed SEO RiskAppetite
o, the greenback’s gauge versus the six major currencies pauses the previous two-day uptrend amid mixed catalysts.On Thursday, the DXY witnessed notable gains while extending the previous day’s rebound as the United States economy expanded at an annualized rate of 3.2% in the third quarter , per the final readings of the Gross Domestic Product , versus 2.9% previous estimates. Further, the Personal Consumption Expenditure Prices match 4.
Hence, upbeat prints of the recently firmer US data have already renewed the DXY buying even if the greenback’s gauge versus the six major currencies struggle of late.Given the US Dollar’s safe-haven demand, the recently mixed headlines from China test the US Dollar Index traders. Recently, China's Foreign Minister Wang Yi warned US Secretary of State Antony Blinken on Friday, per Reuters, while saying that the US should not continue the 'old routine of unilateral bullying'.
Should the scheduled data print firmer readings, the hopes of the Fed’s higher rates for a longer time can recall the US Dollar Index buyers.US Dollar Index seesaws around the 78.6% Fibonacci retracement level of the gauge’s May-September upside. That said, the recent rebound in the Relative Strength Index , located at 14, backed the quote’s recovery moves in the last two days, suggesting the strength of the bullish momentum, which in turn favors buyers.
Following that, a run-up towards the 200-DMA and the 61.8% Fibonacci retracement, also known as the “Golden ratio”, could challenge the DXY bulls near 106.45.rises past 106.45, the bulls are likely to retake control and can aim for the 108.00 resistance confluence including the late November swing high and 50% Fibonacci retracement level.
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