The post US Dollar DXY falls below the 20-day SMA, eyes on GDP and Core PCE next week appeared on BitcoinEthereumNews.com.

The US Dollar struggles to find demand at the end of the week. Markets are digesting Powell’s words on Thursday. US Treasury yields are retreating and the odds of a hike in December declined. The US Dollar (USD) measured by the US Dollar Index (DXY) oscillates between gains and losses in the 106.15 area, trading below the 20-day Simple Moving Average (SMA). No relevant data will be released on Friday and the focus shifts to the Israel and Palestine conflict which could benefit the USD as a safe-haven asset. In the United States, economic activity was reported to be better than expected in September. Industrial Production and Retail Sales both came in above expectations. On Wednesday, the Federal Reserve’s Beige Book report described the US economic situation as “stable” and didn’t reveal any new insights since the last September report. Next week, the US will release S&P Manufacturing PMIs from October, which may have an impact on the expectations from the Federal Reserve’s (Fed) next set of forecasts. In addition, the US will report the preliminary estimate of the Q3 GDP (Gross Domestic Product) and the Core Personal Consumption Expenditures (PCE) from September. Daily Digest Market Movers: US Dollar fails to gather momentum as US Treasury yields and hawkish bets on the Fed decline The US Dollar DXY declined near 106.15, seesawing between small gains and losses, but still trading below the 20-day SMA.  The US reported better-than-expected economic activity data during the week, which could limit the downside for the DXY. US Retail Sales came in at 0.7% MoM in September, higher than the 0.3% expected but decelerating from 0.8%. Industrial Production rose by 0.3% MoM in the same month, vs the 0.0% expected. Jobless Claims for the week ending on October 13 came in at 198,000, lower than…

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Filed under: News - @ October 21, 2023 6:28 am