Instrument: USDIDX
Bullish Preference:
A buy position is envisaged if the price trades above 102.831 With take profit at 102.952
Bearish Preference:
A sell position is envisaged if the price trades below 102.417 with Take profit at 102.282
Fundamentals:
2:30pm USD Prelim GDP q/q
USD Prelim GDP Price Index q/q
Comment:
The U.S. dollar hit a more than three-and-a-half-month low against a basket of peers after Fed Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation continues to come down.
Waller also said he was “increasingly confident” the current interest rate setting will prove adequate to lower inflation to the Fed’s 2% target.
Another Fed governor Michelle Bowman said the U.S. central bank will likely need to raise borrowing costs further in order to bring inflation back down to its target.
Analysis: SCRUM Team