US Dollar Index comes under pressure near 103.00 ahead of PCE By pabspiovano DollarIndex Currencies Majors Inflation
US yields trade in an inconclusive fashion near recent peaks., faces a corrective downside and comes all the way down to revisit the 103.00 neighbourhood at the end of the week.The index trades on the defensive after six consecutive daily advances and returns to the vicinity of 103.00 after hitting fresh cycle tops just pips away from the 104.00 hurdle on Thursday.
In the meantime, the dollar remains well underpinned by speculations of a tighter normalization of the Fed’s monetary conditions, which is expected to kick in with a 50 bps rate hike at the May 4 event. : Escalating geopolitical effervescence vs. Russia and China. Fed’s rate path this year. US-China trade conflict. Future of Biden’s Build Back Better plan.Now, the index is retreating 0.68% at 102.98 and faces the next support at 99.81 seconded by 99.57 and then 97.68 . On the upside, the breakout of 103.92 would open the door to 104.00 and finally 105.63 .
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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