Economy

The dollar index remains below 100.00 level on Monday

The dollar index remains below 100.00 level on Monday

During the Asian session, the dollar index failed to break above the 100.00 level.

Dollar index chart analysis

During the Asian session, the dollar index failed to break above the 100.00 level. We saw a pullback to the 99.80 support level and are managing to hold above it for now. Last week’s report on slowing inflation pushed the dollar below the 100.00 psychological level.

Today, we see an attempt to recover and return above the 100.00 level. If we succeed in that, we will have a solid opportunity to initiate a more concrete recovery of the dollar. Potential higher targets are 100.20 and 100.40 levels. Such a move could make this week positive for the dollar index.

We need a negative consolidation and pullback to the previous support at the 99.58 level for a bearish option. A drop below it would indicate a continuation of the weak dollar and its decline. Potential lower targets are 99.40 and 99.20 levels.

This week’s news that could affect the dollar the most is the UK and EU CPI report, which will decide future UK and EU monetary policy. Therefore, strong European currencies will influence the dollar to continue to weaken. FROM US news, we will single out Retail Sales, Initial Jobless Claims, the Philadelphia Fed Manufacturing Index, and Existing Home Sales. This week will be interesting for the dollar index.

 

The post The dollar index remains below 100.00 level on Monday appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

Investing

Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

Latest News

There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

Latest News

House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

Disclaimer: realinvestmentstar.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 realinvestmentstar.com