The Dollar Index (DXY)
Key news events today
USD CB Consumer Confidence
What can we expect from DXY today?
Overnight, the DXY retraced from the high of 105.30 to trade down to the 104.60 price level. This move lower was partially due to a significantly lower than expected durable goods orders at -4.5% (Forecast: -3.7%). Look for the DXY to rebound from the current price level to trade higher, and to retest the 105.30 resistance level again. Look for the consumer confidence data release (Forecast: 108.5 Previous: 107.1) to possibly spur the DXY to resume the uptrend.
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
