Published on Apr 18, 2023

Daily Analysis For US Doller Index 18-04-2023

US Doller Index Analysis

Economic Events and Scenario for US Doller Index

Economic Events : -

GMT	Event	Impact	Currency
01:00	(Cyprus) Orthodox Easter Tuesday	None	EUR
02:30	(Australia) RBA Meeting Minutes	High	AUD
03:00	(China) Industrial Capacity Utilization	Low	CNY
03:00	(China) Retail Sales YoY	High	CNY
03:00	(China) Industrial Production YoY	High	CNY
03:00	(China) Fixed Asset Investment (YTD) YoY	Medium	CNY
03:00	(China) GDP Growth Rate YoY	High	CNY
03:00	(China) GDP Growth Rate QoQ	Medium	CNY
03:00	(China) Unemployment Rate	High	CNY
07:00	(United Kingdom) Average Earnings excl. Bonus (3Mo/Yr)	Low	GBP
07:00	(United Kingdom) Average Earnings incl. Bonus (3Mo/Yr)	Medium	GBP
07:00	(United Kingdom) Unemployment Rate	High	GBP
07:00	(United Kingdom) Claimant Count Change	High	GBP
07:00	(United Kingdom) Employment Change	High	GBP
07:00	(United Kingdom) HMRC Payrolls Change	Low	GBP
09:00	(Italy) Balance of Trade	Medium	EUR
09:40	(Spain) 3-Month Letras Auction	Low	EUR
10:00	(China) FDI (YTD) YoY	Medium	CNY
10:00	(Euro Area) ZEW Economic Sentiment Index	Medium	EUR
10:00	(Euro Area) Balance of Trade	Medium	EUR
10:00	(Germany) ZEW Current Conditions	Low	EUR
10:00	(Germany) ZEW Economic Sentiment Index	High	EUR
10:00	(United Kingdom) 30-Year Treasury Gilt Auction	Low	GBP
11:00	(Ireland) Balance of Trade	Low	EUR
13:30	(Canada) New Motor Vehicle Sales	Low	CAD
13:30	(Canada) Inflation Rate MoM	Medium	CAD
13:30	(Canada) Core Inflation Rate YoY	Medium	CAD
13:30	(Canada) Inflation Rate YoY	High	CAD
13:30	(Canada) Core Inflation Rate MoM	Low	CAD
13:30	(Canada) CPI Median YoY	High	CAD
13:30	(Canada) CPI Trimmed-Mean YoY	High	CAD
13:30	(United States) Housing Starts	Medium	USD
13:30	(United States) Building Permits	High	USD
13:30	(United States) Housing Starts MoM	Medium	USD
13:30	(United States) Building Permits MoM	Medium	USD
13:55	(United States) Redbook YoY	Low	USD
14:00	(Ecuador) Balance of Trade	Low	USD
14:00	(Euro Area) ECB Elderson Speech	Low	EUR
16:00	(New Zealand) Global Dairy Trade Price Index	Low	NZD
16:30	(United States) 52-Week Bill Auction	Low	USD
18:00	(United States) Fed Bowman Speech	Medium	USD
21:30	(United States) API Crude Oil Stock Change	Medium	USD

Today's Scenario: - The US Dollar Index (DXY) is trading slightly higher at around 102.10 in the mid-Asian session on Tuesday. The index has been able to hold onto last week's recovery from its lowest level in one year. Despite this, it remains lower for the third consecutive day against the six major currencies due to hawkish Federal Reserve speculation and positive US Treasury bond yields.

Market participants are closely watching positive US data, which has contributed to the rise in US Treasury bond yields and the increasing likelihood of a hawkish move by the Federal Reserve. The NY Empire State Manufacturing Index for April rose to 10.8, snapping a four-month downtrend and marking the highest level since July last year. Additionally, the US National Association of Home Builders (NAHB) housing market index rose for the fourth consecutive month in April to 45, beating expectations of 44 and the previous reading.

Buy Scenario: - Based on the daily chart, the June US Dollar Index futures are currently trading above the pivot point at $101.450, and the RSI indicator is neutral, indicating a lack of clear direction in the market. However, the technical analysis suggests a possible upward move towards the $102.310 level, if the current trend continues. Till we do not advise to buy US Dollar Index.

Sell Scenario: - In case of a downward trend, the index may decline towards the $100.420 - $100.345 region. It is important to note that technical analysis is just one tool to help traders make decisions and is not a guarantee of future price movements. Other factors such as fundamental analysis, geopolitical events, and market sentiment can also impact price action. Till we do not advise to sell in US Dollar Index

Support and Resistance Level: -