USD Index looks for direction just above 103.00 – by pabspiovano DollarIndex Currencies Majors
Markets’ attention should shift to PCE inflation due on Friday., attempts to extend the rebound seen in the second half of last week just above the 103.00 mark.After bottoming out in the area just below the 102.00 yardstick on March 23, the index managed to regain some composure and reclaim the are beyond 103.00 the figure in past sessions, although the bull run appears to have met initial resistance near 103.40, an area coincident with the 55-day SMA.
The index appears slightly bid in the area above the 103.00 mark at the beginning of the week, amidst unclear direction in US yields and alternatingSo far, speculation of a potential Fed’s pivot in the short-term horizon should keep weighing on the dollar, although the still elevated inflation, the resilience of the US economy and the hawkish narrative from Fed speakers are all seen playing against that view for the time being.
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