Daily Analysis For US Doller Index 29-03-2023

Daily Analysis For US Doller Index 29-03-2023

US Doller Index Analysis
Doller Index
Economic Events and Scenario for US Doller Index
Economic Events : -
GMTEventImpactCurrency
01:30(Australia) Monthly CPI IndicatorHighAUD
07:00(Germany) GfK Consumer ConfidenceHighEUR
07:45(France) Consumer ConfidenceMediumEUR
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
09:00(Austria) Bank Austria Manufacturing PMIHighEUR
09:00(Switzerland) Economic Sentiment IndexLowCHF
09:00(Germany) Bundesbank Balz SpeechLowEUR
09:30(Slovenia) Retail Sales MoMLowEUR
09:30(Slovenia) Retail Sales YoYLowEUR
09:30(United Kingdom) Net Lending to Individuals MoMLowGBP
09:30(United Kingdom) BoE Consumer CreditMediumGBP
09:30(United Kingdom) Mortgage ApprovalsMediumGBP
09:30(United Kingdom) Mortgage LendingMediumGBP
10:00(Malta) PPI YoYLowEUR
10:10(Italy) 6-Month BOT AuctionLowEUR
10:10(Italy) 12-Month BOT AuctionLowEUR
10:30(United Kingdom) BoE Financial Policy Summary and RecordMediumGBP
11:00(Latvia) Retail Sales YoYLowEUR
11:00(Latvia) Retail Sales MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
14:00(Switzerland) SNB Quarterly BulletinLowCHF
15:00(United States) Pending Home Sales MoMMediumUSD
15:00(United States) Pending Home Sales YoYMediumUSD
15:00(United States) Fed Barr TestimonyMediumUSD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD

Today's Scenario: - On Wednesday, the USD Index (DXY) saw a slight recovery, reaching the 102.50/60 range. This bullish movement followed two consecutive days of decline and was driven by a lack of direction in US yields and a relatively muted reaction from the risk market.

Buy Scenario: - The recent bullish attempt in the USD Index follows two days of decline and can be attributed to a lack of direction in US yields and a relatively subdued reaction in the risk market. However, concerns in the banking sector persist and continue to support demand for safe-haven assets, ultimately bolstering the dollar. Till we do not advise to buy US Dollar Index.

Sell Scenario: - On the other hand, there is a growing probability that the Federal Reserve will pause its tightening stance at its May meeting. This has been weighing on the currency, with the likelihood of this scenario hovering around 60%, according to the FedWatch Tool provided by CME Group. Till we do not advise to sell US Dollar Index.

Support and Resistance Level: -
SupportResistance
S1 102.25-R1 102.74
S2 102.07-R2 103.04
S3 101.77-R3 103.22

Discussion

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