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Title: US Dollar Index struggles for direction below 94.00 ahead of key data

10/28/2021 6:44:09 AM GMT

By: AnalysisWatch



When estimated by the US Dollar Index (DXY), the greenback keeps a wary tone and drifts around 93.80.


The record substitutes gain with misfortunes following Wednesday's downtick and consistently checks out the presentation of the US cash markets and the wide danger craving patterns.


To be sure, while yields at the front finish of the bend expand the development well north of the 0.50% measuring stick levels last seen back in March 2020-the stomach of the bend explores the region beneath 1.55% and the long end dropped well past the 2.00% imprint.


The record loses some ground following the absence of a finish after the new outperformance of the 94.00 obstacle. The positive exhibition of US yields, steady Fedspeak in regards to the beginning of the tightening system in November or December (likewise reinforced by the most recent remarks by Chief Powell) and the rising likelihood that high expansion could wait longer to stay as key variables behind the productive standpoint for the dollar in the close to-medium term.


Key occasions in the US this week: Flash Q3 GDP, Initial Claims, Pending Home Sales (Thursday), PCE, Core PCE, Personal Income/Spending, and Final Consumer Sentiment (Friday).


Presently, the record is losing 0.03% at 93.83 and a break above 94.17 (weekly high Oct.18) would make the way for 94.56 (2021 high Oct.12) and afterward 94.74 (monthly high Sep.25 2020). On the other hand, the following downside hindrance arises at 93.48 (monthly low October 25), followed by 93.32 (55-day SMA) and lastly 92.98 (weekly low September 23).

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