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Reading: DXY: Resistance seen at 104.4-104.8, says DBS
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Gulf Press > Business > Forex > DXY: Resistance seen at 104.4-104.8, says DBS
Forex

DXY: Resistance seen at 104.4-104.8, says DBS

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Last updated: 2024/07/16 at 4:07 PM
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The Dollar Index (DXY) has seen some fluctuations recently, initially rising to 104.32 on the “Trump Trade” before dropping back to 104.09. According to DBS Senior FX Strategist Philip Wee, DXY needs to break below 104 in order to move towards 103. The index turned up after comments made by Federal Reserve Chair Jerome Powell, with DXY appreciating slightly to 104.19.

Powell’s comments regarding US inflation and the possibility of rate cuts influenced the movement of DXY. Despite initially rising due to the “Trump Trade” triggered by an assassination attempt on Donald Trump, DXY returned to its previous close in anticipation of a dovish interview by Powell. The Fed’s potential decision to lower rates before inflation hits the 2% target could impact the direction of DXY in the future.

DXY started to turn up after Powell clarified that the Fed was not yet ready to provide time-based guidance on rate cuts, indicating some uncertainty in the market. However, in order for DXY to revisit the year’s low beneath 103, it will need to break below the support levels of 104 seen in April and June. The index’s upside is currently limited around 104.4-104.8, where its 200- and 100-day moving averages are located.

Overall, the movement of DXY is influenced by a combination of factors such as economic data, Federal Reserve decisions, and geopolitical events. It is important for traders and investors to stay updated on these developments in order to make informed decisions regarding their positions in the market. The recent comments by Powell and the potential impact of rate cuts on DXY highlight the importance of monitoring central bank policies and global economic trends.

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News Room July 16, 2024
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