Forex News

Dollar index faces resistance, markets eye manufacturing data

2023.11.23 07:06


© Reuters

The USD Index, which measures the greenback against a basket of other currencies, has faced selling pressure after recently surpassing the 104.00 level. It is now encountering resistance around 104.20, which aligns with the 100-day Simple Moving Average (SMA). This comes amid growing market speculation that the Federal Reserve may consider rate cuts in response to signs of economic deceleration.

Today, as the United States observes Thanksgiving Day, trading conditions are anticipated to be quieter. The DXY, another name for the USD Index, is nearing support at November’s low of 103.17. This movement reflects the US economy’s resilience despite hawkish comments from Federal Reserve officials.

Looking ahead to Friday, investors will shift their attention to the release of S&P Global Flash Manufacturing and Services PMIs data. The market is poised for potential breakouts if the data surpasses recent benchmarks like October 26’s weekly high or if it maintains levels above significant psychological thresholds, such as the DXY’s round figure at 100.00. These indicators come against a backdrop of a gradually cooling labor market and anticipation of interest rate cuts, which could influence currency valuations and investor strategies in the coming sessions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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