This week’s US dollar sell-off continues today with the US dollar basket (DXY) trading at a one-week low on either side of 96.00. Get your market update from nickcawley1 here:
This week’s US dollar sell-off continues today with the US dollar basket trading at a one-week low on either side of 96.00. The greenback has now given back nearly all of last week’s Fed-driven rally, with the sell-off helped in part by month-end positioning flows after the heavy losses seen in the US equity space.
The DXY is now back in the middle of a multi-month trend that has steered the greenback higher since mid-2021. The trend higher remains in place with an unbroken series ofpresent on the daily chart. The CCI indicator has moved out of overbought territory to a more neutral reading, suggesting that last week’s excessive bullishness has now been erased. The DXY is also being weakened by strength in some of the other major currencies that make up the basket.
The DXY is now back in a prior supportive zone which may prove difficult for bears to break. A cluster of prior lows all the way down to 95.50 should prove difficult to break convincingly, setting up the greenback for a period of range trading over the next few weeks.
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