DOLLAR_INDX, H4 6 March 2024
The Dollar Index faced downward pressure, currently slipping below 103.85. Investors seem to be swayed by recent lacklustre economic data from the United States, indicating a potential slowdown in economic growth. This sentiment prevails despite expectations of relatively hawkish testimony from Federal Reserve Chair Jerome Powell scheduled for today and tomorrow. Powell's testimony is anticipated to introduce higher volatility to the Dollar Index as market participants keenly await insights into the central bank's stance amid economic challenges.
The dollar index traded eased from its short-term support level at 103.85, suggesting a shift in the index's momentum.
Resistance level: 104.50, 104.95
Support level: 103.70, 102.90
The Dollar Index faced downward pressure, currently slipping below 103.85. Investors seem to be swayed by recent lacklustre economic data from the United States, indicating a potential slowdown in economic growth. This sentiment prevails despite expectations of relatively hawkish testimony from Federal Reserve Chair Jerome Powell scheduled for today and tomorrow. Powell's testimony is anticipated to introduce higher volatility to the Dollar Index as market participants keenly await insights into the central bank's stance amid economic challenges.
The dollar index traded eased from its short-term support level at 103.85, suggesting a shift in the index's momentum.
Resistance level: 104.50, 104.95
Support level: 103.70, 102.90