The US dollar recently retreated as investors capitalised on upbeat US economic data before the Federal Reserve's forthcoming policy meeting, where 97
% anticipate interest rates will remain stable. Simultaneously, gold rebounded after a brief dip, oil prices surged for a third week on supply constraints and Chinese demand. On another front, the Euro is under intense scrutiny in the aftermath of the European Central Bank's resolute tightening of
, stoking uncertainties about its potential impact. Meanwhile, the Japanese Yen struggled despite hawkish remarks from the Bank of Japan, reflecting concerns over Japan's economy and currency depreciation amplifying foreign-debt risks.The US dollar recently retreated from its highest level as savvy investors seized the opportunity to lock in profits following a series of encouraging economic data releases from the United States.
The dollar Index is trading higher while currently testing the resistance level. However, MACD has illustrated diminishing bullish momentum, while RSI is at 60, suggesting the index might experience technical correction since the RSI retreated sharply from overbought territory.
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