- The US dollar has continued its decline, reaching a two-month low at 103.6, driven by expectations of a Fed pause in rate hikes and potential future cuts.
- DXY faces technical challenges as it approaches the 102.5 – 103 support zone, with short-term moving averages signaling a likely continuation of the decline.
- Meanwhile, the euro has strengthened against the dollar on expectations of earlier Fed rate cuts, reaching a critical resistance point.
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After experiencing its sharpest weekly decline since July last week, the US dollar kicked off the new week by sustaining its downward trajectory.
Today, DXY dropped to its lowest level in the last 2 months, reaching as low as 103.6, while concurrently generating bearish signals based on recent economic developments.
Following lower-than-expected inflation…
