The selling pressure in the FX world continued to punish the Greenback this week, sending the USD Index (DXY) back to the 104.00 region, or multi-week lows, against the backdrop of the strong pick-up in expectations surrounding the timing of the start of the Federal Reserve’s (Fed) easing cycle.
US Dollar Index drops for second straight week. Softer-than-expected US CPI-fuels rate cut bets for September. Retail Sales, Fed Speak emerge as salient events next week. The corrective decline broke below the 200-day SMA The selling pressure in the FX world continued to punish the Greenback this week, sending the USD Index back to the 104.
The continuation of the bearish trend could prompt the US Dollar Index to revisit the June low of 103.99 prior to the weekly low of 103.88 , and the March low of 102.35 . Further south aligns the December bottom of 100.61 , before the psychological contention of 100.00. In case buying interest returns to the market, DXY is expected to meet its initial upside barrier at the June top of 106.13 , just below the 2024 peak of 106.51 .
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