U.S. Dollar IndexShort
Is the US dollar (DXY) losing momentum?
The dollar index rose above 104.40 today, its highest level since July, as markets continued to scale back odds on aggressive Federal Reserve rate cuts. The CME FedWatch tool shows a more than 90% chance that the Fed will opt for a 0.25% rate cut in November.
Simultaneously, the upcoming US presidential election adds volatility, increasing upside momentum for the US dollar. The greenback also tracks rising Treasury yields amid robust US economic data.
From a technical perspective, the price is reaching its last high at 104.80, while the RSI is inside the overbought zone, showing a bearish divergence that could anticipate a downside correction in the short term.
Simultaneously, the upcoming US presidential election adds volatility, increasing upside momentum for the US dollar. The greenback also tracks rising Treasury yields amid robust US economic data.
From a technical perspective, the price is reaching its last high at 104.80, while the RSI is inside the overbought zone, showing a bearish divergence that could anticipate a downside correction in the short term.
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