US Dollar Faces Pressure Following Weaker Economic Data

The US Dollar (USD) is trading slightly lower, influenced by weaker-than-expected US economic data and concerns about the potential impact of a Donald Trump presidency.

Key Factors:

  • US Economic Data: The NY Empire State Manufacturing Index came in weaker than expected, suggesting a slowdown in US economic activity.
  • Federal Reserve Speeches: Several Federal Reserve officials are scheduled to speak this week, providing potential insights into the Fed’s monetary policy stance.
  • Political Risks: The possibility of a Donald Trump presidency is increasing market uncertainty and may be weighing on the US Dollar.

Technical Analysis:

  • Downward Pressure: The US Dollar Index (DXY) is facing downward pressure, with potential for further declines.
  • Support Levels: Key support levels are at 102.00, 100.62, and 100.16.
  • Resistance Levels: The 103.18 level is a potential resistance level.

Overall Outlook:

The US Dollar is likely to remain volatile, influenced by economic data, Fed speeches, and geopolitical risks. Traders should monitor technical indicators for signs of a trend reversal.

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