US Dollar Weakens to Three-Year Low on Trump’s Powell Threats
The US Dollar Index, DXY, which is a measure of the value of the USD against a basket of foreign currencies like the euro, yen, sterling pound, Canadian dollar, swedish krona and swiss franc has undercut its previous support at its 2023 to 2024 low of 99.52 to 100 on the back of Trump’s verbal attacks on Fed Chairman Jerome Powell. From a technical point of view, the dollar’s decline below its supposed lower threshold may possibly lead it to decline further at a faster pace in the very short run. The dollar index may actually fall all the way down to its next support at its 2021 low of 89.88. To invalidate this downside, the dollar index must rally above 100.00 ASAP.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
