CPI Smashes the DXY!
The US dollar has smashed through lower levels, careening through our anticipated level of support at 108.50. We fell through the vacuum zone to 107.20, and have broken through this as well. The next level of support is at 106.13. We will see if this gives way to support in the 105's. Any hint at from the Fed that they will remain steadfast in their hawkish stance will cause the DXY to rally again. If we are able to rally again, then 108.50 should provide resistance.
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