DXY Index witnesses minor incline, hitting an early November peak at 106.30. Prior to Powell's speech, US Dollar gained following strong Retail Sales data. US housing data reveals weakness with Building Permits and Housing Starts falling. Investors await further economic reports for more clarity on the health of the US economy. The US Dollar Index is trading at 106.30 with gains on Tuesday, and the DXY continues to benefit from robust Retail Sales data revealed on Monday.
In addition to this, the currency index is trading above all its Simple Moving Averages at 20, 100 and 200 days. The SMAs suggest a long-term bullish trend. Together, these indicators show that buying momentum is dominant over selling momentum. US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »