The US Dollar (USD) eked out a ninth weekly close in the green, which means the US Dollar summer rally is turning into a late Indian one. Despite the strength,
The US Dollar Index has edged up, reaching 105.41. This is just a sigh away from the 2023 high near 105.88. Should the DXY be able to close above there for the week, expect the US Dollar to go even stronger in the medium-turn.
On the downside, the 104.44 level seen on August 25 kept the Index supported on Monday, not allowing the DXY to sell off any further. Should the uptick that started on September 12 reverse and 104.44 gives way, a substantial downturn could take place to 103.04, where the 200-day Simple Moving Average comes into play for support. Central Banks have a key mandate which is making sure that there is price stability in a country or region.
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