USD Index: Weekly close below 104.00 should add to negative technical pressure – Scotiabank
Source Fxstreet
The US Dollar Index (DXY) is mild lift on the day. Economists at Scotiabank analyze the index outlook.
Upside potential remains limited
The USD seems to be stretching its yield-based valuation somewhat and upside potential remains limited without new motivation for markets.
There is a hint of USD vulnerability on the weekly DXY chart. The Index closed well off last week’s high, suggesting a rejection of the 61.8% retracement of the DXY’s Q4 decline (104.77). A lower close this week (below 104.00) should add to negative technical pressure on the USD generally.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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【Daily Brief】The dollar ground higher for six days — and the AUD fell 2% in the very week the RBA hiked to a 15-year highThe dollar index held above 101 while the Australian dollar slid to a two-month low of 0.6976, a 2.02% six-session loss, even though the RBA raised rates to 4.60% and Australian CPI printed 4.0%. The yen is the only major currency gaining, ahead of Japan's monthly intervention tally at 7pm JST.
The dollar index held above 101 while the Australian dollar slid to a two-month low of 0.6976, a 2.02% six-session loss, even though the RBA raised rates to 4.60% and Australian CPI printed 4.0%. The yen is the only major currency gaining, ahead of Japan's monthly intervention tally at 7pm JST.
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