Attention Traders,
In today's trading session, our focus is on DXY, where we see a potential buying opportunity around the 103.500 zone. DXY, after trading in a downtrend, appears to be gearing up for a breakout. Should we witness rallies surpassing the 103.500 resistance area, we'll be eyeing a retracement of this breakout towards higher levels.
Now, the big question on many traders' minds: Will the Fed hike rates and give the dollar a boost? Recent indications from the Federal Reserve suggest that rate cuts are off the table for the time being. Moreover, the United States is experiencing sustained inflationary pressure, as evidenced by both CPI and PPI figures consistently surpassing expectations. Additionally, the labor market remains robust. Considering all these factors collectively, the stage seems set for the US dollar to outperform its counterparts.
Stay sharp and trade wisely.
Best regards,
Joe
In today's trading session, our focus is on DXY, where we see a potential buying opportunity around the 103.500 zone. DXY, after trading in a downtrend, appears to be gearing up for a breakout. Should we witness rallies surpassing the 103.500 resistance area, we'll be eyeing a retracement of this breakout towards higher levels.
Now, the big question on many traders' minds: Will the Fed hike rates and give the dollar a boost? Recent indications from the Federal Reserve suggest that rate cuts are off the table for the time being. Moreover, the United States is experiencing sustained inflationary pressure, as evidenced by both CPI and PPI figures consistently surpassing expectations. Additionally, the labor market remains robust. Considering all these factors collectively, the stage seems set for the US dollar to outperform its counterparts.
Stay sharp and trade wisely.
Best regards,
Joe
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