The US Dollar Index (DXY) strengthens near a fresh weekly high, fueled by President Trump's announcement of tariffs on Mexico and Canada and the widening yield differential between the US and other countries. While the December PCE data release had little impact, the upcoming tariff implementation is expected to create volatility in markets.
The US Dollar consolidates ahead of this week's close. The weekend is expected to be an eventful one withSaturday, the US being set to impose tariffs on Mexico and Canada . The US Dollar Index moves further away from 108.00 and resides near the fresh weekly high at 108.37. The US Dollar Index , which tracks the performance of the US Dollar against six major currencies and currently trades at 108.
Once the European session kicks in,the dust will start to settle on whichever event takes place over the weekend, with the DXY expected to remain caught between 107.30 to the downside and 109.30 on the upside. Once 108.00 level has been acquired, the next level to pare back earlier losses is 109.30 . Further up, the next upside level to hit before advancing further remains at 110.79 . On the downside, the 55-day Simple Moving Average at 107.67 and the October 3, 2023, high at 107.
US Dollar DXY Tariffs Mexico Canada Federal Reserve Interest Rates Inflation
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