US Dollar plunged more than 0.8% after reversing from key resistance this week- risk for a deeper USD correction? The levels that matter on the DXY weekly chart.
The US Dollar pivoted lower this past week with USD price action weakening broadly on the back of decelerating inflation and plunging consumer sentiment. Will FOMC minutes revive US Dollar bulls?
The US Dollar rebound may be short lived as price continues to hold technical resistance- looking for inflection ahead. The levels that matter on the DXY weekly chart.
US Dollar Outlook: Fed Decision Due â Will it Spark Fireworks?
2021-07-27 22:15:00
Rich Dvorak,
Analyst
US DOLLAR PRICE OUTLOOK: FED ANNOUNCEMENT & YIELDS IN FOCUS
US Dollar edged lower on Tuesday as markets gear up for tomorrow’s Fed rate decision
USD/JPY weakened notably during the session with Treasury yields resuming their drop
Fed Chair Powell might opt to stay cautiously accommodative due to covid variant risk
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The three largest components of the DXY Index – EUR/USD, USD/JPY, and GBP/USD – all reflected notable US Dollar weakness on Tuesday. Though the US Dollar did see some safe-haven appeal and strength against commodity currencies like the Loonie and Aussie, the broader DXY Index finished the session -0.16% lower on balance.
US Dollar Outlook: DXY Plunges into Technical Support Ahead of FOMC dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.