US Dollar trades soft ahead of eventful week

The US Dollar (USD) measured by the US Dollar Index (DXY) declined to the 105.75 area and consolidated below the 20-day Simple Moving Average (SMA) on

The US Dollar faces selling pressure as investors await fresh catalyst. Dovish bets on the Fed and lower US yields weakened the green currency. The US will release the preliminary estimate of Q3 GDP and PCE inflation data this week. The US Dollar measured by the US Dollar Index declined to the 105.75area and consolidated below the 20-day Simple Moving Average on Monday.

DXY did not follow through to the downside, however, with the following week closing higher. Still, it is a warning sign of potential weakness on the horizon. Supports: 105.70, 105.50, 105.30. Resistances:106.33 ,106.50, 107.00. US Dollar FAQs What is the US Dollar? The US Dollar is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes.

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