The US Dollar (USD) retraces and trades below 101.00, as measured by the US Dollar Index (DXY), ahead of the US Federal Reserve (Fed) interest rate decision on Wednesday.
The US Dollar is under pressure as markets are still divided over the size of the Fed rate cut. Traders will sit on their hands until the decision is out, followed by the Fed’s Chair Powell press conference. The US Dollar Index retraces on Wednesday after the prior day’s small bounce. The US Dollar retraces and trades below 101.00, as measured by the US Dollar Index , ahead of the US Federal Reserve interest rate decision on Wednesday.
5% Source: Federal Reserve US Dollar Index Technical Analysis: Stuck or broken? The US Dollar Index is set to either stick to its range for quite a time longer or finally break out of this rud it has been for nearly a month. The Fed rate decision on Wednesday is the catalyst that markets seek to finally break out of a certain consolidation phase.
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