💵 DOLLAR_INDX, H4 💵 15 March 2024
The Dollar Index, tracking the greenback against a basket of major currencies, rebounded on the heels of better-than-expected inflation figures. The robust data prompted heightened expectations of rising interest rates, leading to a resurgence in US Treasury yields. According to the US Bureau of Labor Statistics, the Producer Price Index (PPI) for the previous month saw a significant increase from 0.30% to 0.60%, surpassing market forecasts of 0.30%. Additionally, Initial Jobless Claims reported by the Department of Labor came in at 209K, better than the expected 218K, signalling continued
strength in the labour market.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory.
Resistance level: 103.75, 104.50📉
Support level:103.05, 102.40📈
The Dollar Index, tracking the greenback against a basket of major currencies, rebounded on the heels of better-than-expected inflation figures. The robust data prompted heightened expectations of rising interest rates, leading to a resurgence in US Treasury yields. According to the US Bureau of Labor Statistics, the Producer Price Index (PPI) for the previous month saw a significant increase from 0.30% to 0.60%, surpassing market forecasts of 0.30%. Additionally, Initial Jobless Claims reported by the Department of Labor came in at 209K, better than the expected 218K, signalling continued
strength in the labour market.
The Dollar Index is trading higher following the prior breakout above the previous resistance level. Suggesting the index might enter overbought territory.
Resistance level: 103.75, 104.50📉
Support level:103.05, 102.40📈