EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – Greenback Declines on Softer U.S. Economic Data
The Daily US Dollar Index (DXY) saw a decrease from its recent highs due to softer U.S. economic data. This included unexpected drops in capital goods orders and a slowdown in Q1 economic growth. Traders are now waiting for the release of Friday’s PCE data, which could impact decisions on Federal Reserve rates. The index fell by 0.15% to 105.89, showing a slight weakening against other major currencies.
Currently, the US Dollar Index (DXY) is trading at around 105.908, close to a resistance zone of 105.748-106.017. The 50 SMA at 105.583 is providing support, while the RSI at 60.62 indicates moderate bullish momentum. If the index breaks above 106.017, it could lead to further gains. Conversely, a drop below 105.583 might suggest a potential decline towards 104.608.