💵 DOLLAR_INDX, H4 💵 22 March 2024
The Dollar Index, tracking the greenback against a basket of major currencies, rallied following the release of better-than-expected US economic data, bolstering confidence in the Federal Reserve's optimistic outlook. With US Initial Jobless Claims declining to 210,000, surpassing expectations, and Fed Chair Jerome Powell reaffirming the strength of the labor market, investor sentiment favoured The US Dollar. Meanwhile, rising US Treasury bond yields further reinforced the Dollar's upward momentum, reflecting heightened market confidence in the US economic outlook.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout.
Resistance level: 104.00, 104.50📉
Support level:103.20, 102.55📈
The Dollar Index, tracking the greenback against a basket of major currencies, rallied following the release of better-than-expected US economic data, bolstering confidence in the Federal Reserve's optimistic outlook. With US Initial Jobless Claims declining to 210,000, surpassing expectations, and Fed Chair Jerome Powell reaffirming the strength of the labor market, investor sentiment favoured The US Dollar. Meanwhile, rising US Treasury bond yields further reinforced the Dollar's upward momentum, reflecting heightened market confidence in the US economic outlook.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout.
Resistance level: 104.00, 104.50📉
Support level:103.20, 102.55📈