SHY - U.S. CPI Preview: U.S. Dollar Index Looks For Guidance From Inflation Data (Technical Analysis)
2024-07-11 00:30:00 ET
Summary
- Anticipation is high for the release of US CPI data, which is expected to influence market movements, especially the US Dollar Index (DXY).
- The market has priced in a 71.8% chance of a September rate cut, and if inflation aligns with or falls below forecasts, this likelihood could increase.
- Technically, the DXY is range-bound, hovering between 104.80 and 105.20, with support at the 100-day and 200-day moving averages and resistance at 105.63 and 106.00.
By Zain Vawda
US CPI data is set to be released today, promising to stir volatility in an otherwise quiet week. Market participants are eagerly awaiting the data, as evidenced by the recent indecision in the markets....
U.S. CPI Preview: U.S. Dollar Index Looks For Guidance From Inflation Data (Technical Analysis)