The Dollar Index Accelerates Its Decline!
The dollar index has been losing strength recently, falling below the 100.50 level. Following the ECB's decision to cut interest rates, expectations for a rate cut by the Fed have also increased. According to money market pricing, there is a 51% probability that the Fed will cut interest rates by 25 basis points this week, and a 49% probability of a 50 basis point cut. This has pushed the dollar index below the 100.50 level.
Technically, if the index falls below the 100.45 level, the 100.30 and 100.00 levels can be considered support. However, if it recovers and moves above the 100.45 level, resistance can be observed at the 100.70 and 100.90 levels.
Technically, if the index falls below the 100.45 level, the 100.30 and 100.00 levels can be considered support. However, if it recovers and moves above the 100.45 level, resistance can be observed at the 100.70 and 100.90 levels.
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