DOLLAR_INDX, H4 11 March 2024
💵 DOLLAR_INDX, H4 💵 11 March 2024
The US Dollar grapples with losses as key employment indicators present a mixed picture. The disappointing unemployment rate and hourly earnings figures contrast with a robust non-farm payroll report, leaving the greenback in a delicate position. Bloomberg reports reveal that Federal Reserve Chair Jerome Powell and colleagues are moving closer to revising their inflation strategy. Powell emphasises the need for "just a bit more evidence" before considering a shift in the central bank's approach. His recent congressional testimony suggests a potential willingness to cut interest rates in the short term, pending further confirmation of inflation trends toward the 2% target.
The Dollar Index is trading lower following the prior breakout below the previous support level. Suggesting the index might enter oversold territory.
Resistance level: 103.70, 104.50📉
Support level:102.10, 101.35📈
The US Dollar grapples with losses as key employment indicators present a mixed picture. The disappointing unemployment rate and hourly earnings figures contrast with a robust non-farm payroll report, leaving the greenback in a delicate position. Bloomberg reports reveal that Federal Reserve Chair Jerome Powell and colleagues are moving closer to revising their inflation strategy. Powell emphasises the need for "just a bit more evidence" before considering a shift in the central bank's approach. His recent congressional testimony suggests a potential willingness to cut interest rates in the short term, pending further confirmation of inflation trends toward the 2% target.
The Dollar Index is trading lower following the prior breakout below the previous support level. Suggesting the index might enter oversold territory.
Resistance level: 103.70, 104.50📉
Support level:102.10, 101.35📈
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