After poor performance earlier in the month, the U.S. dollar rebounded this week, supported by a moderate rise in bond yields. We could see a continuation of the greenback's upward movement if the upcoming US inflation report tops consensus estimates.
The greenback could build upon its recent rebound if the pattern of consistently hotter-than-expected and sticky inflation readings observed this year repeats itself in next week's fresh cost of living data from the Bureau of Labor Statistics.
For a complete overview of the U.S. dollar’s technical and fundamental outlook, request your complimentary Q2 trading forecast now!US dollar shorts, aiming to thwart the currency's comeback, need to see an in-line or preferably softer-than-anticipated CPI report to launch the next bearish assault.
On the flip side, if sellers mount a comeback and prices begin to head south, initial support materializes at 154.65, followed by 153.15. Further losses below this threshold could boost selling interest, paving the way for a move towards trendline support and the 50-day simple moving average positioned slightly above the 152.00 handle.declined slightly this past week, but managed to hold above support at 1.2500.
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