DXY:Will Fed Cut Rates in September?
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Hey Traders,
In today's session, we're eyeing a potential selling opportunity in the DXY around the 104.600 zone. Currently, DXY is in a downtrend and is undergoing a correction phase, approaching the key support and resistance area at 104.600.
From a fundamental perspective, the downtrend in inflation and easing economic conditions in the US suggest that a rate cut might be on the horizon in September. This dovish environment could weaken the dollar further.
Stay cautious and trade safe,
Joe
In today's session, we're eyeing a potential selling opportunity in the DXY around the 104.600 zone. Currently, DXY is in a downtrend and is undergoing a correction phase, approaching the key support and resistance area at 104.600.
From a fundamental perspective, the downtrend in inflation and easing economic conditions in the US suggest that a rate cut might be on the horizon in September. This dovish environment could weaken the dollar further.
Stay cautious and trade safe,
Joe
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