#DollarIndexReclaims101 The dollar returns to take a setback on Tuesday and continues.
The U.S. Dollar Index (DXY) surpassed 100.561 on Tuesday, reaching 100.667, then pulled back after an Iran-related headline led to lower oil prices. Silver rebounded in the wake of this reversal. On Wednesday morning, the DXY opened at 100.560, then pushed it up to 100.862; it is now holding near 100.826. The level that failed on Tuesday appears to be acting as support.
But the move isn’t coming from a fresh oil shock. Oil is falling for the sixth session. The dollar is moving based on interest-rate trading beneath it. The Federal Reserve raised rates last week. Warfch kept the door open. Morsalam, Goolsby, and Collins all reinforced the inflation backdrop this week. The dollar’s Tuesday reversal seemed like it might give silver some breathing room. But on Wednesday, that was taken away before Europe’s desks finished their first cup of coffee.
The next resistance on the DXY is the 101.327 to 101.640 range, with the main peak at 101.800 above that. Six sessions of cheaper oil and the dollar is posting new recovery highs. Silver buyers had expected that the fall in oil would knock the dollar off its track. But it didn’t.
Please follow up
$B2 $KOMA $H
The U.S. Dollar Index (DXY) surpassed 100.561 on Tuesday, reaching 100.667, then pulled back after an Iran-related headline led to lower oil prices. Silver rebounded in the wake of this reversal. On Wednesday morning, the DXY opened at 100.560, then pushed it up to 100.862; it is now holding near 100.826. The level that failed on Tuesday appears to be acting as support.
But the move isn’t coming from a fresh oil shock. Oil is falling for the sixth session. The dollar is moving based on interest-rate trading beneath it. The Federal Reserve raised rates last week. Warfch kept the door open. Morsalam, Goolsby, and Collins all reinforced the inflation backdrop this week. The dollar’s Tuesday reversal seemed like it might give silver some breathing room. But on Wednesday, that was taken away before Europe’s desks finished their first cup of coffee.
The next resistance on the DXY is the 101.327 to 101.640 range, with the main peak at 101.800 above that. Six sessions of cheaper oil and the dollar is posting new recovery highs. Silver buyers had expected that the fall in oil would knock the dollar off its track. But it didn’t.
Please follow up
$B2 $KOMA $H
