The US dollar approaches key resistance level: CPI and ECB decision outlook
The US dollar is approaching key resistance levels against major currencies ahead of the US Consumer Price Index (CPI) and the European Central Bank (ECB) decision. This week, we will be closely watching these important economic data, which will provide important clues as to whether the Fed will implement a 25bp or 50bp rate cut.
The recent employment data showed that the economy is in a "good" state, which may not be enough to support a larger rate cut. If the inflation rate remains between 2.6% and 2.9%, a 25bp rate cut may appear more appropriate. It is worth noting that the US dollar has found some support during the US trading session after the release of the non-farm payrolls report, while the stock market has shown a downward trend.
However, when observing the US dollar index (DXY), it can be found that it still faces the possibility of a fourth wave correction, while the S&P 500 may find support around the 61.8% retracement level. During this week, the US dollar index will be highly dependent on the euro's performance, especially in the context of the upcoming decision of the ECB and its expected rate cut. Investors are advised to stay tuned for the latest developments and analysis.
- AI-CrypTo platform provides you with the safest, most stable and most profitable cryptocurrency automatic quantitative trading system! With a minimum deposit of 10 USDT, you can activate your investment account and enjoy stable returns and flexible withdrawals! 💵
- Each model has a different rate of return, choose a higher level of investment to earn more! AI quantitative returns range from VIP1 to VIP11, with daily returns as high as 40.9%! The more you invest, the greater the return! 💸
download
download
website