Forex Analysis by Fawad Razaqzada covering: US Dollar Index Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
The US dollar is under pressure due to mixed domestic economic data and external factors, such as China's potential support for its housing sector and a global stock market rally.
Externally, news of China's potential support for its housing sector has supported the yuan and the likes of the Aussie, adding to the dollar’s selling pressure. So, the fact that we're below it means that the path of least resistance is to the downside – unless and until unless we go back above it. Meanwhile, for the longer-term trend to align with the short-term bearish view, we need to see the formation of a lower low now. This puts April's low at 103.88 into focus. This level is now the line in the sand for bullish traders. A potential break below that will create a lower low, putting the longer-term technical outlook on a bearish path.Ahead of today’s publication of CPI data, a gauge of producer inflation rose more than expected as we saw on Tuesday.
Investors are keenly awaiting the consumer inflation data to gain a clearer understanding of when and to what extent the Fed might adjust interest rates. Ahead of it, Jerome Powell reiterated that although there was little inflation progress in the first quarter, he anticipates prices will gradually decline on a monthly basis.
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