The Dollar Index (DXY)
Key news events today
No major news events.
What can we expect from DXY today?
On Friday, the Core PCE price index was released at 0.6% (Forecast: 0.4%). This signaled that inflation growth in the US was higher than expected which is likely to spur further interest rate increases from the US Federal Reserve. Following the news release, the DXY climbed steadily from the 104.65 price level up toward the 105.30 price area. Currently consolidating at the 105 price level, look for the price to retrace briefly before trading higher toward the near term resistance of 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
