An Outlook of the US Dollar and USD Index for Mid-August
London: 7 August 2023 (TraderMade): As the US Federal Reserve System sets the interest rate to 5.25% to 5.5%, the financial experts visualize the US Dollar from various perspectives. The mixed US jobs data released on Friday showcases a tighter labor market with a slight raise in hourly wages, and a slight decrease in the unemployment rate.
The market awaits the Consumer Price Index (CPI) data release on 10th August, Thursday. All these crucial economic indicators influence the US Dollar in the Forex market.
Additionally, the US Economic Surprise Index is at its peak since early 2021. But the US Dollar Index (DXY) is around 102 (As on August 7).
The next few weeks may keep the markets on toes to check if the Fed and the ECB hike interest rates in September. US inflation has moderated faster amid relatively resilient economic growth expectations.
The EURUSD has been hovering in an upward sloping channel since March. Similarly, GBPUSD is attempting to regain up to 1.27 since a dip on 3rd August at 1.264.
We can also see a rebound in USDJPY, which was at 138.78 on 27th July to 142.25 on 7th August.
Analysis is the key to well-informed decisions. We invite you to leverage our Forex API that has been empowering your Forex analysis, decisions, apps, websites, and digital solutions for about four decades. Trust TraderMade as your reliable market data partner.
