US Dollar Index Price Forecast: Decline to accelerate below 99.40
The US Dollar (USD) edges up against its peers on Monday after a vertical decline on Friday. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades marginally higher to near 99.70.
The US Dollar Index (DXY) currently trades near 99.70, showing a bearish bias as it trades below the 20-day Exponential Moving Average (EMA) at 100.35. Strategists at ING have reiterated their call for no further Federal Reserve (Fed) interest rate hikes this year, citing the weak July Nonfarm Payrolls (NFP) data as a key test for market expectations. If the expected dovish Fed call materializes, the DXY could experience further declines below 99.40.
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