The late and data-driven sudden bounce in the Greenback propelled the US Dollar Index (DXY) back to the upper-104.00s as the week drew to a close, rapidly leaving behind earlier weakness that dragged the index to two-month lows near 104.00, where some decent contention appears to have emerged so far.
The USD Index ended the week with acceptable gains. A Fed ’s rate cut in September remains on the table. US Nonfarm Payrolls came in hotter than expected in May. The Fed is largely anticipated to keep rates unchanged next week. Occasional bearish moves look contained around 104.00 The late and data-driven sudden bounce in the Greenback propelled the US Dollar Index back to the upper-104.
Further declines could test the weekly low of 103.88 and the March bottom of 102.35 . A deeper retracement could target the December low of 100.61 , the psychological barrier at 100.00, and the 2023 low of 99.57 . Overall, the bullish bias is expected to persist as long as the DXY remains above the key 200-day SMA at 104.43.
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