The US Dollar consolidates ahead of a very light day in the economic calendar. Markets digest Fed Chairman Powell hawkish remarks. The US Dollar Index trades deep into the 106.00 area though, although a small pullback could be at hand. The US Dollar Index eases slightly on Wednesday as it becomes increasingly clear that markets won the arm wrestling match with the US Federal Reserve .
Expect a bit of a pullback, although the substantial wider rate differential between higher US rates and the rest of the world should keep the DXY at higher levels above 104.00. On the upside, the fresh high of Tuesday at 106.52 is the level to beat first. Further up and above the 107.00 round level, the DXY Index could meet resistance at 107.35, the October 3 high. On the downside, the first important level is 105.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »