The US Dollar (USD) is basking in the glory of re-founded belief from traders. Whereas last year markets were challenging the US Federal Reserve (Fed) by pricing in more rate cuts than what the dot plot suggested, investors are now defying the US
The US Dollar jumps higher for the second day in a row. Traders are challenging the Fed's dovish stance, casting doubts over its forecasts of three rate cuts for this year. The US Dollar Index snaps firmly above 104.00 and breaks substantial support levels. The US Dollar is basking in the glory of re-founded belief from traders.
On the upside, 104.96 remains the first level in sight. Once above there, the peak at 104.97 from February comes into play ahead of the 105.00 region with 105.12 as the first resistance. Support from the 200-day Simple Moving Average at 103.71, the 100-day SMA at 103.52, and the 55-day SMA at 103.58 are getting a fresh chance to show their importance. The 103.00 big figure looks to remain unchallenged for now after the decline from the Fed meeting got turned around way before reaching it.
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