The Dollar Index (DXY)
Key news events today
USD FOMC Meeting Minutes
USD Prelim GDP q/q
What can we expect from DXY today?
The DXY climbed steadily higher overnight to reach the 104.50 price area before retracing again. The move higher was spurred on by the release of the FOMC meeting minutes which indicated that members backed the 25bps rate hike and some could have supported a 50bps hike decision. Currently trading at the 104.35 price level, look for the DXY to consolidate along the current level or retrace further briefly before trading higher again. If the DXY breaks above 104.55, the next key resistance level is at 105.50.
Central Bank Notes:
Federal Reserve hiked rates by 25bps taking interest rates to 4.75%
Next meeting is on 23 March 2023
Ongoing rate increases will be expected
Next 24 Hours Bias
Weak Bullish
