💵DOLLAR_INDX, H4 💵 9 April 2024
The Dollar Index, tracking against a basket of major currencies, saw a slight retreat in anticipation of upcoming US inflation figures later this week. Despite upbeat reports on Nonfarm Payrolls and the Unemployment Rate, economists forecast a potential dip in inflation compared to the previous reading. Projections suggest a 0.30% monthly rise in the headline Consumer Price Index (CPI), down from February's 0.40%. Heightened market uncertainties led some investors to steer clear of the US market, diversifying their portfolios and reducing demand for the US Dollar.
The Dollar Index is trading lower while currently near the support level. Suggesting the index might extend its losses after breakout.
Resistance level: 104.60, 104.95📉
Support level:104.00, 103.65📈
The Dollar Index, tracking against a basket of major currencies, saw a slight retreat in anticipation of upcoming US inflation figures later this week. Despite upbeat reports on Nonfarm Payrolls and the Unemployment Rate, economists forecast a potential dip in inflation compared to the previous reading. Projections suggest a 0.30% monthly rise in the headline Consumer Price Index (CPI), down from February's 0.40%. Heightened market uncertainties led some investors to steer clear of the US market, diversifying their portfolios and reducing demand for the US Dollar.
The Dollar Index is trading lower while currently near the support level. Suggesting the index might extend its losses after breakout.
Resistance level: 104.60, 104.95📉
Support level:104.00, 103.65📈