The DXY Index shows losses, trading near the 103.05 area.
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- The DXY Index shows losses, trading near the 103.05 area.
- Weekly Jobless Claims came in higher than expected.
- Markets still digesting Wednesday’s Fed decision and Powell’s words.
The US Dollar (USD) is currently trading at 103.05, with a declining trend, largely triggered by the release of soft labor market data on Thursday that outshadowed strong ISM PMIs figures. Markets are still digesting Federal Reserve (Fed) chair Jerome Powell’s words from Wednesday, which helped the index jump toward 103.80.
Fed Chair Powell reinforced the idea that a rate cut in March is unlikely despite ongoing market speculation. Nevertheless, he noted rate adjustments remain primarily data-dependent, with upcoming jobs data setting the pace of the US Dollar and expectations for the short term.
The indicators on the daily chart are reflecting a tentative dominance of selling momentum in the short term. The Relative Strength Index (RSI), albeit on a negative slope, is holding in positive territory, reflecting dwindling buying momentum. This is further supported by the Moving Average Convergence Divergence (MACD) indicator, which showcases decreasing green bars, an indication that the selling pressure is slowly gaining traction.
Furthermore, the positioning of the index concerning its 20,100 and 200 Simple Moving Averages (SMAs) points to a bullish hold in the broader context. The pair still holds above the 20-day SMA, signaling that the bears have failed to command complete control in the short term. However, the DXY’s positioning below the 100 and 200-day SMAs suggests more dominant selling momentum in the longer-term.
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