US Dollar (USD) traded subdued overnight in absence of fresh catalyst.
US Dollar traded subdued overnight in absence of fresh catalyst. DXY was last seen at 108 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note. Deceleration in core CPI may weigh on USD In the semi-annual testimony to Senate Banking panel overnight, Fed Chair Powell signalled that the Fed was in no rush to cut which had been well priced by markets, hence impact on FX has been rather muted.
This also comes timely to keep gold’s rise in check for now. Daily momentum and RSI indicators are not showing a clear bias. Sideways trade likely for now. Support at 107.80/90 levels , 107 levels. Resistance at 108.40 , 110.00/20 levels . On data, US CPI is top focus tonight . A deceleration in core CPI may weigh on USD but tariff uncertainty may still imply that USD dips may be shallow. Later tonight, Powell will testify to the House Financial Services committee .
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