United States Dollar Index Price Forecast: DXY consolidates around 99.00 ahead of US CPI
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, sticks to a mildly positive bias through the early European session, though it remains confined within the previous day's broader range.
The US Dollar Index (DXY) is currently hovering near 99.00 as traders anticipate the upcoming US Consumer Price Index (CPI) figures. The index has been fluctuating within its previous day's range, with the US Producer Price Index (PPI) report on Thursday indicating persistent inflationary pressures. Energy-driven inflation concerns and geopolitical tensions between the US and Iran are also supporting the dollar as a safe-haven asset.
The DXY remains below the 200-period simple moving average at 99.12 and the 38.2% Fibonacci retracement level. Technical indicators suggest that upside momentum may be waning, while downside risks are still present. The US Federal Reserve's mandate and ongoing inflation concerns will likely influence the market's interpretation of the upcoming CPI data.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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