DXY: Resistance at 101 Broken, New Support Level?
DXY showed impressive strength today, rallying and breaking through a key resistance level which is now holding as support.
This price action suggests that the bulls are in control. This setup offers a solid opportunity to capitalize on continued upward momentum via USDJPY.
Today's economic data out of the U.S. provided a mixed picture, with key indicators pointing to both resilience and caution in the market:
S&P/CS HPI Composite - 20 (MoM) (Jun):
Actual: 0.6%
Previous: 1.0%
The month-over-month growth in housing prices slowed, indicating a cooling off in the housing market compared to the previous month. This could reflect tightening financial conditions or a natural correction after a period of rapid price increases.
S&P/CS HPI Composite - 20 (YoY) (Jun):
Actual: 6.5%
Forecast: 6.2%
Previous: 6.9%
Year-over-year, housing prices still showed robust growth, though slightly down from the previous month. The housing market remains strong, but the pace of growth may be tapering as higher interest rates and affordability concerns weigh in.
CB Consumer Confidence (Aug):
Actual: 103.3
Forecast: 101.9
Previous: 100.9
Consumer confidence ticked higher, beating expectations and showing that consumers are feeling more optimistic about the economy. This could support consumer spending in the coming months, a positive sign for the broader economy.
2-Year Note Auction:
Yield: 4.434%
The auction results showed a notable increase in the yield compared to the previous auction. Higher yields reflect the market's expectation of continued monetary tightening, which could put upward pressure on short-term interest rates.
API Weekly Crude Oil Stock:
Actual: -3.400M
Forecast: -3.000M
Previous: 0.347M
Crude oil inventories dropped more than expected, suggesting tighter supply conditions. This could lead to upward pressure on oil prices, especially if demand remains strong.
This data provides a nuanced view of the U.S. economy, with housing showing signs of slowing, consumer confidence on the rise, and higher yields reflecting expectations for continued rate hikes. The decline in crude oil stocks could also play into inflation dynamics, particularly in energy prices.
This price action suggests that the bulls are in control. This setup offers a solid opportunity to capitalize on continued upward momentum via USDJPY.
Today's economic data out of the U.S. provided a mixed picture, with key indicators pointing to both resilience and caution in the market:
S&P/CS HPI Composite - 20 (MoM) (Jun):
Actual: 0.6%
Previous: 1.0%
The month-over-month growth in housing prices slowed, indicating a cooling off in the housing market compared to the previous month. This could reflect tightening financial conditions or a natural correction after a period of rapid price increases.
S&P/CS HPI Composite - 20 (YoY) (Jun):
Actual: 6.5%
Forecast: 6.2%
Previous: 6.9%
Year-over-year, housing prices still showed robust growth, though slightly down from the previous month. The housing market remains strong, but the pace of growth may be tapering as higher interest rates and affordability concerns weigh in.
CB Consumer Confidence (Aug):
Actual: 103.3
Forecast: 101.9
Previous: 100.9
Consumer confidence ticked higher, beating expectations and showing that consumers are feeling more optimistic about the economy. This could support consumer spending in the coming months, a positive sign for the broader economy.
2-Year Note Auction:
Yield: 4.434%
The auction results showed a notable increase in the yield compared to the previous auction. Higher yields reflect the market's expectation of continued monetary tightening, which could put upward pressure on short-term interest rates.
API Weekly Crude Oil Stock:
Actual: -3.400M
Forecast: -3.000M
Previous: 0.347M
Crude oil inventories dropped more than expected, suggesting tighter supply conditions. This could lead to upward pressure on oil prices, especially if demand remains strong.
This data provides a nuanced view of the U.S. economy, with housing showing signs of slowing, consumer confidence on the rise, and higher yields reflecting expectations for continued rate hikes. The decline in crude oil stocks could also play into inflation dynamics, particularly in energy prices.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.