The Dollar Index (DXY)
Key news events today
No major news events.
What can we expect from DXY today?
On Friday, the US employment data was released with the unemployment rate falling to 3.5% (Expected: 3.7%) and the non-farm employment change at 223k (Forecast: 200k). However, despite the positive employment data, the DXY failed to strengthen but instead weakened significantly. This was due to the reduced expectations for how high the Federal Reserve could hike interest rates in the future. Currently trading at the 103.31 price level, look for the DXY to break below the 103 price level to signal further downside potential, with the next key support level at 102.50.
Central Bank Notes:
Federal Reserve hiked rates by 50bps taking interest rates to 4.50%
Next meeting is on 2 February 2023
Further rate increases are expected to slow
Next 24 Hours Bias
Weak Bearish
