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MUFG’s Senior Currency Analyst Lee Hardman notes the US Dollar remains under pressure after a sharp sell-off linked to de-escalation in the Middle East. The Dollar index again failed to clear 100.00 and retreated toward 98.88.
💡 DMK Insight
The US Dollar’s struggle to hold above 100.00 is a red flag for traders right now. With the Dollar index retreating to 98.88, this sell-off signals a shift in market sentiment, likely influenced by geopolitical factors in the Middle East. Traders should be wary of the implications for USD-denominated assets, as a weaker Dollar could boost commodities and emerging market currencies. Look for potential support around 98.50, which could be a critical level to watch. If the index breaks below this, we might see a more pronounced downward trend. On the flip side, if the Dollar manages to reclaim the 100.00 level, it could indicate a short-term reversal and provide a buying opportunity for USD pairs. Keep an eye on economic indicators like upcoming inflation data, which could further influence the Dollar’s trajectory in the coming weeks.
📮 Takeaway
Watch for the Dollar index’s performance around 98.50; a break below could signal further weakness, impacting commodities and emerging markets.
