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US Dollar Forecast: DXY Steady Near 104 Amid FOMC Speeches Ahead

By:
Arslan Ali
Updated: Feb 12, 2024, 07:52 GMT+00:00

As the Dollar Index navigates the 103.998 level, upcoming FOMC addresses and BOE Gov Bailey's speech are eagerly anticipated by traders.

US Dollar Index and FOMC

Highlights

  • Dollar Index slightly down at $103.998, with pivotal support at 103.750 and resistance at 104.191.
  • EUR/USD rises to 1.07968, eyeing resistance at 1.08097 post-German CPI aligning with forecasts at 0.2%.
  • GBP/USD climbs to 1.26393; BOE Gov Bailey’s upcoming speech could influence pivot point breach at 1.26444.

Upcoming Events Impacting EUR/USD and GBP/USD Forecasts

In today’s financial landscape, the US Dollar Index subtly shifts, currently trading at $103.998, reflecting a slight decrease of around 0.08%. On Friday, the Eurozone witnessed a steady German Final CPI month-over-month, matching forecasts and previous figures at 0.2%, while Italian Industrial Production outperformed expectations with a 1.1% increase compared to the anticipated 0.8%, reversing a prior decline of -1.3%.

Events Ahead

Looking ahead, significant speeches from FOMC members, including “Defining a Bank” by FOMC Member Bowman at the American Bankers Association Conference and FOMC Member Barkin’s address at the Atlanta Economics Club, are poised to influence market sentiment.

Additionally, the Federal Budget Balance announcement is on the horizon, potentially impacting the Dollar’s trajectory.

Across the pond, GBP/USD traders are awaiting remarks from BOE Governor Bailey at Loughborough University, which could provide further direction for the Pound in contrast to the Dollar’s performance.

US Dollar Index (DXY)

About the Author

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.

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