Investors implore a “wait & see” approach as FOMC minutes and Core PCE inflation data loom in the final half of the week.
The Dollar hovers just below its 15-day high midweek, as investors wait eagerly for the FOMC minutes on Wednesday afternoon. Factors driving the Dollar’s recent performance against its peers can be attributed to upbeat US data in the form of PMI data as well as the benefits of the safe-haven appeal the currency has amid the geopolitical uncertainties that have characterised the last two weeks. Chief among those is the US–China tensions as well as the escalating rhetoric coming from Russia, as they suspend their nuclear arms treaty with the US and pledge to continue their military campaign in Ukraine.
Technical Analysis (D1)
The key to market structure was broken briefly by price. 101.15 The area in which the previous higher-low was created in June 2022. It is important to note that the price has risen above the key support area, and is approaching it in a corrective channel. This could be a potential pattern for a reversal if there is an impulsive break in the structure. Current price…