USD Index has reached fresh peaks at 105.70 in advance of important data. In the United States, the Philly Fed Index takes front spotlight.

USD dollar maintains its advances following the policy of the Federal Reserve.

The dollar’s value rose to a 6-1/2-month peak on Thursday. as the central US Fed hinted that policy will stay tight for a longer time. Although maintaining rates stable,

The British pound fell to its lowest price as of April ahead of the BoE policy statement later on the day. Meanwhile, the yen fell to its weakest level since Nov ahead of the BoJ – policy decision on Friday. as well as the banks in Sweden and Norway also matched predictions for 25 bps rate hikes. The DXY, reached 105.68, its highest level as of the beginning of March, however falling modestly to 105.45.

The USD Index has begun to look at statistics.

The dollar index is up for three trading sessions in succession thus far on Thursday.  While investors seek to digest the Fed’s largely expected move to hold interest rates steady on Wednesday.

The dollar has gained momentum in reaction to the Fed’s positive outlook for US GDP growth. Including the potential for a further 25 basis point rate rise before the conclusion of the calendar year.

The dollar’s continued rise looks to be supported by the similarly solid rate of US yields spanning the curve.  With the short side approaching marks that were recorded since July 2006 around 5.20 percent.

At their fiscal policy session on Wednesday. The US Fed matched market projections by keeping its benchmark interest rate unchanged in the 5.25%-5. to 5.50% band.

The Federal Reserve of the United States, on the other hand, hardened its hardline monetary policy position.  Which its policymakers firmly feel could be effective in decreasing inflation sans destroying the economy or causing substantial loss of employment.

Combined with yet another probable rate rise during the year. The Fed’s new predictions foresee rates substantially narrower than earlier projected until 2024.

Technical Levels

The DXY is currently up 0.24 percent at 105.58, with an upward breakout of 105.68 (month’s top of Sept 21). Opening the way to 105.88 (2023 peak Mar 8) then eventually 106.00 (roughly barrier). Primary support, on the opposite side, appears around 104.42.  Followed by 103.04 (200-day SMA) and finally 102.93 (on a weekly bottom of Aug 30).

USD KEY STATISTICS

• Open105.44
• Day High105.69
• Day Low105.40
• Prev Close105.16
• 52 Week High114.78
• 52 Week High Date09/28/22
• 52 Week Low99.58
• 52 Week Low Date07/14/23
• YTD % Change1.88
• 1 Year % Change-4.3