Instrument: USDIDX
Bullish Preference:
A buy position is envisaged if the price trades above 104.642 with take profit at 104.743
Bearish Preference:
A sell position is envisaged if the price trades below 104.544 with take profit at 104.436
Fundamentals:
1:30 PM GTM+1 Building Permits
Comment:
The US Dollar (USD) took a small step back at the start of this week with traders focusing on the main event on Wednesday with the US Federal Reserve (Fed) rate decision. Expectations are for no hike, though with the recent resurgence in headline inflation via energy prices, US Fed Chair Jerome Powell might be more hawkish than predicted. Traders, meanwhile, have to split and divide their attention between the Fed and Capitol Hill, with a possible US government shutdown looming again. By Thursday, US House Speaker Kevin McCarthy needs to bring a new stopgap bill to the floor for a vote. If the House fails to pass the bill, the probability of a shutdown in October grows more dire.
Analysis: SCRUM Team