The Dollar Index (DXY)
Key news events today
USD ISM Manufacturing PMI
What can we expect from DXY today?
The DXY consolidated between the 111.71 and 112.50 price levels through Friday’s trading session. Currently trading at the 112-round number support level, the DXY could continue to fluctuate within the previous price range with no clear directional bias. If the price breaks below the 111.50 price level the DXY could see a significant move to the downside towards the 111.00 round number support level. Alternatively, the DXY could bounce off the 112 support level to test the near-term resistance of 113.
Central Bank Notes:
Federal Reserve hikes rates by 75bps taking interest rates to 3.25%
Next meeting on 3 November
Further rate increases can be anticipated, with rate cuts expected only if Fed Reserve is confident inflation is moving back down to 2%
Next 24 Hours Bias
Weak Bearish
