Markets foresee a hawkish hold stance by the FOMC, influencing the DXY Index in the upcoming sessions. US Job Openings and ISM PMI figures reported on Wednesday came in weak. The session highlight will be Fed Chair Jerome Powell’s presser. The US Dollar Index is trading mildly lower on the day at 106.2 ahead of the highly-anticipated Federal Open Market Committee monetary policy decision.
Yet, the fact that the US Dollar Index is comfortably situated above its 20, 100, and 200-day Simple Moving Averages signals that upward pressure is still in play, pointing toward a continued presence of buyers in the market. 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.