The post US Dollar edges lower as focus turns to US GDP revisions appeared on BitcoinEthereumNews.com.

US Dollar DXY declines towards 104.20 after mixed S&P PMIs Fed’s steady dovish bets also added to the decline. PCE, durable goods orders, Q2 GDP revisions will be the highlights on Thursday and Friday. On Wednesday, the US Dollar as measured by the DXY index went on a dip towards 104.20, largely influenced by mixed S&P PMI figures and the markets continuing to bet on a dovish Federal Reserve’s (Fed) outlook. With signs of disinflation steadily emerging, market participants are growing confident of a potential rate cut in September, yet the Fed officials continue their cautious approach, remaining dependent on the data. As such, attention is turning to key upcoming data, namely core Personal Consumption Expenditures (PCE), and Q2 Gross Domestic Product (GDP) figures on Thursday and Friday. Daily digest market movers: DXY down as markets digest economic figures from the US The US private sector continued healthy expansion, with S&P Global Composite PMI rising to 55 from June’s 54.8. Counterbalancing this, the S&P Global Manufacturing PMI fell to 49.5 from June’s 51.6, while Service PMI rose slightly from 55.3 to 56. The CME FedWatch Tool continues to back a likely rate cut in September, although upcoming GDP and PCE data will largely determine the DXY dynamics for the remainder of the week. Daily digest market movers: DXY flashes bearish signals The DXY displays a neutral to bearish outlook, with key indicators remaining largely in the negative zone, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). Meanwhile, bearish signals from a completed cross-over between the 20-day and 100-day Simple Moving Average (SMA) at the 104.80 area remain, and the index has fallen below the 200-day SMA confirming a negative outlook. Support lies at 104.15, and 104.00, with resistances identified at 104.30 and 104.50.     Source:…

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Filed under: News - @ July 25, 2024 12:18 am