Dollar Index May Rebound from 100.40 After Soft US CPI
A weaker-than-expected US CPI print for June 26 pulled the Dollar Index lower, but analysts suggest it could bounce back from the 100.40 level, allowing the euro, Australian dollar, pound, and yen to strengthen.
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The Dollar Index dipped after the US June 26 CPI release came in below expectations, in line with market forecasts. The decline pushed the index toward 100.40, where technical support may trigger a recovery.
As the dollar weakened, major currencies gained ground: the euro, Australian dollar, British pound, and Japanese yen all strengthened against the greenback. Traders now watch for a potential bounce from the 100.40 area, which could stem further losses.
Source: FXStreet Forex News