Daily Analysis For US Doller Index 16-05-2023

Daily Analysis For US Doller Index 16-05-2023

US Doller Index Analysis
US Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
01:30(Australia) Westpac Consumer Confidence IndexHighAUD
01:30(Australia) Westpac Consumer Confidence ChangeHighAUD
02:30(Australia) RBA Meeting MinutesHighAUD
03:00(China) Unemployment RateHighCNY
03:00(China) Retail Sales YoYHighCNY
03:00(China) Industrial Production YoYHighCNY
03:00(China) Fixed Asset Investment (YTD) YoYMediumCNY
06:00(Finland) GDP YoYLowEUR
06:00(Finland) GDP Growth Rate QoQLowEUR
06:00(Finland) GDP Growth Rate YoYLowEUR
07:00(United Kingdom) HMRC Payrolls ChangeLowGBP
07:00(United Kingdom) Average Earnings excl. Bonus (3Mo/Yr)LowGBP
07:00(United Kingdom) Average Earnings incl. Bonus (3Mo/Yr)MediumGBP
07:00(United Kingdom) Unemployment RateHighGBP
07:00(United Kingdom) Claimant Count ChangeHighGBP
07:00(United Kingdom) Employment ChangeHighGBP
07:00(United Kingdom) Labour Productivity QoQLowGBP
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) GDP Growth Rate YoYLowEUR
08:00(Slovakia) GDP Growth Rate QoQLowEUR
08:30(Netherlands) Household Consumption YoYLowEUR
08:30(Netherlands) GDP Growth Rate QoQMediumEUR
08:30(Netherlands) GDP Growth Rate YoYMediumEUR
08:30(Netherlands) Balance of TradeLowEUR
09:00(European Union) ECOFIN MeetingMediumEUR
09:00(France) IEA Oil Market ReportMediumEUR
09:00(Italy) Inflation Rate MoMLowEUR
09:00(Italy) Harmonised Inflation Rate MoMLowEUR
09:00(Italy) Inflation Rate YoYMediumEUR
09:00(Italy) Harmonised Inflation Rate YoYLowEUR
09:00(Italy) CPIHighEUR
09:40(Spain) 3-Month Letras AuctionLowEUR
10:00(Cyprus) GDP Growth Rate YoYLowEUR
10:00(Cyprus) GDP Growth Rate QoQLowEUR
10:00(Euro Area) GDP Growth Rate YoYMediumEUR
10:00(Euro Area) GDP Growth Rate QoQMediumEUR
10:00(Euro Area) Employment Change QoQHighEUR
10:00(Euro Area) Employment Change YoYHighEUR
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Euro Area) ZEW Economic Sentiment IndexMediumEUR
10:00(Germany) ZEW Current ConditionsLowEUR
10:00(Germany) ZEW Economic Sentiment IndexHighEUR
10:00(Montenegro) Inflation Rate MoMLowEUR
10:00(Montenegro) Harmonised Inflation Rate YoYLowEUR
10:00(Montenegro) Inflation Rate YoYLowEUR
13:15(United States) Fed Mester SpeechMediumUSD
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) Core Inflation Rate MoMLowCAD
13:30(Canada) Core Inflation Rate YoYMediumCAD
13:30(Canada) Inflation Rate MoMMediumCAD
13:30(Canada) Inflation Rate YoYHighCAD
13:30(Canada) CPI Trimmed-Mean YoYHighCAD
13:30(Canada) CPI Median YoYHighCAD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:30(United States) Retail Sales MoMHighUSD
13:55(United States) Redbook YoYLowUSD
13:55(United States) Fed Bostic SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Industrial Production MoMMediumUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) NAHB Housing Market IndexMediumUSD
15:00(United States) Fed Barr TestimonyMediumUSD
15:00(Euro Area) ECB President Lagarde SpeechMediumEUR
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
16:30(United States) 52-Week Bill AuctionLowUSD
17:15(United States) Fed Williams SpeechMediumUSD
20:15(United States) Fed Logan SpeechMediumUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD

Today's Scenario: - On Monday, the US dollar saw a significant increase in value against other major currencies, reaching its highest level in five weeks. This rise was driven by concerns surrounding inflation in the US and global economic growth.
The dollar had already experienced notable gains throughout the previous week, and its upward trend continued, surpassing levels not seen since April 10. Although it slightly retraced later in the day, it remains relatively strong.
In the past week alone, the dollar has gained 1.4%. Traders believe that the currency is currently undervalued and anticipate that the dollar index, which measures its value against other major currencies, will reach 104 by the end of June.
As of 05:51 GMT, June U.S. Dollar Index futures are trading at 102.430, showing a decline of 0.079 or -0.08%. This is a slight drop from the intraday high of 102.585. On Friday, the Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $28.10, marking an increase of $0.18 or +0.63%.

Buy Scenario: - The US Dollar Index (DXY) reached fresh monthly highs near 102.80 on Monday but quickly retraced its gains. For the bullish momentum to continue, the index would need to surpass the previous weekly high at 102.80, which was recorded on April 10. If this level is breached, it could potentially pave the way for a visit to the April high at 103.05, which was reached on April 3. Till we do not advise to buy US Dollar Index.

Sell Scenario: - On the downside, there is currently strong support around the 101.00 level, acting as a significant barrier.
Taking a broader perspective, as long as the index remains below the 200-day Simple Moving Average (SMA), which is currently positioned at 105.83, the overall outlook for the index is expected to remain negative. Till we do not advise to sell in US Dollar Index

Support and Resistance Level: -
SupportResistance
S1 102.29-R1 102.68
S2 102.13-R2 102.91
S3 101.90-R3 103.07

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