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BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • J&J to proactively delay rollout of vaccine in Europe. $EUR
  • BoE Chief Economist Andrew Haldane To Step Down From The MPC After The June Meeting $GBP
  • #Bitcoin rose to a fresh all time high this morning around the 63,000 level, breaking above the previous high set around 62,000 in mid March. $BTC https://t.co/sj1fjZb1iw
  • US 10yr Treasury yields and the US Dollar have both headed lower in the immediate aftermath of the CPI print. The $DXY dropped from 92.26 to around the 92.10 level and 10yr yields stepped back from above 1.68% to 1.66%. $USD https://t.co/RFiMWfNckX
  • 🇺🇸 Core Inflation Rate MoM (MAR) Actual: 0.3% Expected: 0.2% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate MoM (MAR) Actual: 0.6% Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Inflation Rate YoY (MAR) Actual: 2.6% Expected: 2.5% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇺🇸 Core Inflation Rate YoY (MAR) Actual: 1.6% Expected: 1.5% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-04-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 75.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/onTWQ83wu0
  • US 10yr Treasury yields rose to a one week high this morning, briefly testing the 1.70% level before dropping back below 1.68%. The upcoming CPI print may drive another move in Treasury yields. $USD https://t.co/j4vndyVcup
US Dollar Outlook: Euro, DXY Charts & More

US Dollar Outlook: Euro, DXY Charts & More

Research, Research Team

The US Dollar Index (DXY) is continues to act as it has over the past year+ since it began grinding its way higher ever so slowly. So slowly, that barring a major breakout the yearly range will be the smallest since 1976.

With that said, though, that doesn’t mean there isn’t still opportunities out there. They will just be fewer and smaller. The DXY pattern as mentioned is playing out similar to other times in the cycle. The surge to start the month was met with a retracement, which has not turned back into another leg higher so far. If the DXY follows the script then another run towards 99 or better should soon be in the works.

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DXY Daily Chart (looking for continuation rally)

US Dollar Outlook: Euro, DXY Charts & More

US Dollar Index (DXY) Chart by TradingView

EUR/USD will be the key driver here for the DXY as it stands as the largest constituent in the index at a hefty 57% weighting. Currently it is sitting on a minor form of trend support off the October 1 low. A breakdown below 10989 should get the ball rolling towards the cycle low at 10879.

EUR/USD Daily Chart (path of least resistance lower)

US Dollar Outlook: Euro, DXY Charts & More

EUR/USD Chart by TradingView

For the full set of technical details and charts, check out the video above…

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We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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