With the Dollar Index's slight retreat and key EUR/USD, GBP/USD resistance levels in play, traders eye Fed remarks and trade balance data for cues.
The Dollar Index has seen a modest decline, trading at $104.037, down by approximately 0.10%. In Europe, German Industrial Production unexpectedly contracted by 1.6%, a sharper decline than the forecasted 0.4% decrease. This follows a surprising surge in German Factory Orders by 8.9% and a dip in Retail Sales by 1.1%.
For the GBP, the Halifax HPI showed a stronger than expected growth of 1.3%, suggesting resilience in the UK housing market. However, the Construction PMI indicated contraction at 48.8, signaling pressures in the construction sector.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.