💵 DOLLAR_INDX, H4 💵 13 March 2024
The Dollar Index, consisting of major currencies, surged following the release of robust US inflation data. February's consumer price growth exceeded expectations, indicating persistent inflationary pressures that could complicate the Federal Reserve's rate decisions. Headline US consumer prices rose by 3.2% annually, surpassing forecasts of 3.1%, while core CPI data climbed to 3.8%, exceeding economists' projections at 3.7%, according to the US Bureau of Labor Statistics.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout.
Resistance level: 103.05, 103.70📉
Support level:102.55, 102.10📈
The Dollar Index, consisting of major currencies, surged following the release of robust US inflation data. February's consumer price growth exceeded expectations, indicating persistent inflationary pressures that could complicate the Federal Reserve's rate decisions. Headline US consumer prices rose by 3.2% annually, surpassing forecasts of 3.1%, while core CPI data climbed to 3.8%, exceeding economists' projections at 3.7%, according to the US Bureau of Labor Statistics.
The Dollar Index is trading higher while currently testing the resistance level. Suggesting the index might extend its gains after breakout.
Resistance level: 103.05, 103.70📉
Support level:102.55, 102.10📈