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.
Recommended Articles
Here is what you need to know on Wednesday, June 3:
On June 2, Eastern Time, the cryptocurrency market suffered its most severe wave of concentrated liquidations so far this year. Bitcoin ( BTC) fell below the $70,000 psychological support
West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.
Recently, silver prices ( XAGUSD) have been fluctuating within the $73.60-$78.00 range, impacted by shifting U.S.-Iran tensions. However, as signals emerge of further easing in the situat
Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike betsGold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
Gold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
Related Instrument
