Dollar Forecast: Fed Speeches and Trade Data Impacting US Dollar Trends

Tuesday, 8 October 2024, 02:07

Dollar price movements are highly anticipated as major Fed speeches and crucial trade balance data draw near. Investors are keen on how these factors will influence the dollar against other currencies and gold. Notable insights may emerge from the NFIB Small Business Index and RCM Economic Optimism report.
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Dollar Forecast: Fed Speeches and Trade Data Impacting US Dollar Trends

Dollar Fluctuations Driven by Fed and Economic Data

The US dollar is expected to experience significant fluctuations in light of upcoming Federal Reserve speeches and critical economic data, like trade balance figures. Gold prices remain steady at $2,642 and are closely linked to the dollar's performance. Key reports, including the NFIB Small Business Index and RCM Economic Optimism, might shift market sentiment significantly.

DXY Technical Analysis

  • The Dollar Index (DXY) is down to $102.337, reflecting a 0.12% drop.
  • Immediate support is at $102.247 with potential downsides to $102.145.
  • Resistance levels are identified at $102.692 and above.

Gold and Sterling Stability Amid Economic Reports

Gold (XAU/USD) shows resilience, holding steady near $2,642.93, while GBP/USD remains stable at $1.30917. UK economic data released recently revealed a 0.3% rise in Halifax HPI issued positive sentiment, enabling the pound to trade within a cautious range.

Euro and Economic Trends

The Euro (EUR) gains importance as Germany's industrial production increased notably. Upcoming ECOFIN meetings and remarks from key officials will likely further influence euro movements.


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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