DXY: Bears await inflation prints – OCBC
Source Fxstreet
US Dollar (USD) rebounded post-BLS revision in what looked like a 'buy on rumour, sell the fact' trade. DXY was last at 97.82 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Daily momentum is showing a mild bearish bias
"Markets have fully priced in a 25bp cut for September FOMC and nearly 3 cuts for 2025. Focus shifts to PPI today and the CPI on Thursday. Softer inflation print may be needed for markets to consider if a 50bp cut at September FOMC or a deeper Fed cut trajectory may be warranted."
"Daily momentum is showing a mild bearish bias while RSI was flat. 2-way trades intra-day with bias to sell rallies. Resistance at 98.10 levels (21, 50 DMAs), 98.70 (100 DMA) and 99.60 (23.6% fibo retracement of 2025 high to low). Support at 96.40 levels."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Ethereum (ETH) trades around $4,300 on Monday following mixed sentiment from corporate treasuries and investors in ETH exchange-traded funds (ETFs).
Gold (XAU/USD) prolongs its recent record-setting run for the third straight day and climbs beyond the $3,650 level during the Asian session on Tuesday.
Bitcoin is currently in a consolidation phase after a strong multi-month uptrend that began in April.
The EUR/USD posts marginal gains at 1.1760 following a two-day rally on Tuesday.
On Thursday, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI.
Related Instrument
