The US dollar Index’s (DXY) relentless advance appears to have stalled over recent weeks as recession concerns have emerged. Get your market update from RichardSnowFX here:
meetings ahead with a special focus on US retail dataAdvertisementThe US dollar Index’s relentless advance appears to have stalled over recent weeks as recession concerns have emerged. The Q1contraction and reports of slower consumer demand in the US has raised a few questions about the strength of the US economy in Q2 and the second half of the year.
As a result we have witnessed a large pullback in the dollar index from the yearly high of 104.47 in May, supported by the rate hike trajectory and before attempting a sustained bullish continuation which met some heavy resistance ahead of the 103 level . On the daily chart, yesterday and today there has been a rejection of higher prices near that key 103 level, as evidenced by the upper
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