US Dollar eases as October sell-off continues another day

The Greenback already lost over 1.6% of its value in October. All eyes are on US CPI numbers later this Thursday. The US Dollar Index settles below 106 and is looking for support. S Dollar was unable to advance substantially on Monday when risk-off sentiment was the main theme in the aftermath of the Israel-Hamas conflict. Since then the Greenback has been retreating, and the slew of Fed speakers this week that believe the Fed is done hiking are pouring only more oil to the fire.

If this is the case, 109.30 is the next level to watch. On the downside, the recent resistance at 105.88 did not do a good job supporting any downturn. Instead, look for 105.12 to keep the DXY above 105.00. If that does not do the trick, 104.33 will be the best level to look for some resurgence in US Dollar strength with the 55-day Simple Moving Average as a support level. Inflation FAQs What is inflation? Inflation measures the rise in the price of a representative basket of goods and services.

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