Dollar Dynamics: US Core PCE and Spending Data Impact
Dollar Dynamics: Key Economic Indicators Ahead
The Dollar awaits direction from the upcoming core PCE Price Index report, set for release today at 12:30 PM EST. Analysts anticipate a 0.2% monthly rise, crucial for Federal Reserve policies. Personal income and spending figures will also be under the spotlight, providing insights into consumer strength and economic health.
Market Outlook on the Dollar Index
- The Dollar Index (DXY) is currently at $100.679, a 0.20% session increase.
- Key resistance levels are identified at $100.97, $101.17, and $101.47.
- Support levels are observed around $100.43 and $100.22.
If the DXY surges past $100.75, we could witness renewed bullish momentum in the Dollar, impacting commodities like gold.
Gold's Technical Forecast
Gold trades at $2,669.85, maintaining support above $2,666. A break below may add downward pressure, while resistance is seen at $2,674.04.
The GBP/USD and EUR/USD View
The GBP/USD is under pressure, currently at $1.33746, as the market anticipates CBI Realized Sales data. The EUR/USD is cautious, trading at $1.11330, amidst mixed inflation readings from Europe.
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.