Market interpretation of Powell's words indicates caution due to unpredictability of inflation trajectory. Friday’s Nonfarm Payrolls report showed a slowdown in annual wage inflation, fuelling predictions for imminent Fed rate cuts. NFP report also shows that job creation decelerated while unemployment rose. The US Dollar Index is currently trading near 105, reflecting mild losses in Monday’s session.
Yet, it has temporarily fallen below the 20-day SMA, further emphasizing bearish short-term momentum. In conclusion, the short-term technical outlook of DXY is bear-dominated, given the recent sell-offs and technical configurations. However, its position above the 100 and 200-day SMA underlines that the longer-term bullish momentum still has the potential to resume.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »