US Dollar seeks direction amid thin liquidity as US markets remain closed
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The US Dollar Index trades near 106.00 neutral. US markets remain closed on Thursday forThanksgiving celebrations. Economic data may push the Fed not to hurry to cut rates. The US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, trades near 106.00 on Thursday, tilted higher by the US Dollar (USD) strength.Thin liquidity is expected as most major trading floors will be closed across the United States, with Thanksgiving and Black Friday taking place, resulting in a very calm remaining two trading days for the week. The US Dollar Index (DXY) remains bullish, supported by robust economic data and a hawkish Federal Reserve (Fed) stance. Despite recent profit-taking and geopolitical uncertainty, the uptrend is intact. Daily digest market movers: US Dollar holds steady, calm end of the week ahead Thanksgiving and Black Friday holidays in the US have led to thin liquidity and a lull in trading activity. With only two trading days remaining this week, market movements are expected to be subdued. This week, November’s Federal Open Market Committee (FOMC) minutes suggested a cautious Fed with no rush to cut rates. Robust economic growth, resilient household spending and strong consumer confidence support a cautious Fed easing cycle. October’s Personal Consumption Expenditures (PCE) underscored persistent inflation and the need for caution which may push the Fed to consider less cuts. In the meantime, the odds of a cut in December by the Fed remain high but subdued. DXY technical outlook: Outlook remains bullish despite consolidation Despite temporary setbacks due to profit-taking and global uncertainty, the uptrend remains intact. Technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest consolidation, as they struggle to gain traction. However, the DXY remains supported by the 106.00-106.50 area, which has proven resilient and…
Filed under: News - @ November 28, 2024 9:19 pm