US Dollar bulls could start to emerge in the opening sessions – by fx_ross DollarIndex Currencies Fed Equities
Bulls are lurking on the backside of the hourly trendline. DXY index broke out of the week's channel between 111.25 and 109.40 in the final two days of the week on the back of the US Consumer Price Index. DXY dropped to a fresh low of 106.28 on Friday, extending the post-CPI dump into a fresh layer of potential support.
For the week ahead, Federal Reserve speakers are likely to push back on the overly dovish market reaction after the October CPI report. This could see the greenback correct as the followingwill illustrate. ''Officials will make clear that following the positive news on the inflation front, there must be further evidence of sustained monthly core inflation that is more in line with their 2% target,'' analysts at TD Securities argued.
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