USD Index Challenges 104.00 Support Level Amid Weak Economic Data and Risk-On Sentiment

Wednesday, 3 April 2024, 18:29

The USD Index (DXY) faces selling pressure, weakening against other major currencies as it nears the crucial support level of 104.00. Weaker-than-expected data and increasing risk appetite in the markets contribute to the Greenback's decline. Investors closely monitor the ongoing developments as the USD Index approaches a critical juncture, impacting global currency markets.
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USD Index Challenges 104.00 Support Level Amid Weak Economic Data and Risk-On Sentiment

USD Index's Retreat Continues

The Greenback weakened further as selling pressure increased, pushing the USD Index towards the key support level of 104.00.

Weaker Economic Data Impacts Dollar

USD faced challenges following disappointing economic data releases, putting pressure on the currency.

Risk-On Sentiment Influences Market

Increasing risk appetite among investors also played a role in the Dollar's decline, impacting currency markets.

Conclusion: The USD Index's proximity to the 104.00 support level amidst unfavorable data and risk-on sentiment underscores the critical juncture for the Greenback and global currency markets.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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