The DXY index shows weakness as the US returns from holiday, trading modestly lower.

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• The DXY index shows weakness as the US returns from holiday, trading modestly lower.
• No relevant reports were released during the session, while markets await fresh catalysts.
• All eyes are now on FOMC minutes from January’s Federal Reserve meeting on Wednesday.

The US Dollar (USD), as measured by the DXY index, is trading modestly lower at 104.05 with no relevant highlights seen during the European and American sessions.

Despite a post-holiday dip, the US Dollar’s stance remains firm amidst a resilient US economy and a seemingly unshakeable Federal Reserve (Fed), whose reluctance to resort to monetary easing may eventually limit the Greenback’s losses.

The daily chart indicators reflect the somewhat conflicted picture of the current technical landscape. Despite the Relative Strength Index (RSI) sitting in positive territory, its negative slope signals a weakening of bullish momentum, hinting at potential downside risks. Simultaneously, the green bars in the Moving Average Convergence Divergence (MACD) histogram are decreasing, indicating a slowdown in buying pressure and a potential shift in sentiment.

Furthermore, although the pair is trading above the 20 and 200-day Simple Moving Averages (SMAs), which suggests a traditionally bullish stance, the struggle of the bulls to effectively consolidate above the 100-day average puts the strength of the uptrend in doubt.

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