USD Index: Downtrend persists, may not take much encouragement to resume below 102 – Scotiabank
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USD trades broadly lower. The US Dollar Index (DXY) could accelerate its decline on a break under the 102 mark, economists at Scotiabank report.
“While the USD is better offered, investors may not want to lean too hard on the currency ahead of the US CPI report tomorrow. The report could bring mixed news – clear progress in taming headline inflation but signs of stickier core inflation which may provide the USD some anchoring in the short run.”
“Technically, the sell-off in the DXY looks to have paused after a week or so of modest gains. The downtrend persists from a broader point of view, however, and may not take much encouragement to resume (below 102 on the index).”
“Resistance for the DXY is 103.00/10.”
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