US Dollar Technical Outlook: DXY, Treasury Yields Retreat Despite Hot CPI
The US Dollar is testing major support despite hotter inflation as Fed pushback cools yields and forces markets to reassess the path for tightening.
Written by
Michael Boutros
Sr. Technical Strategist
US Dollar Technical Outlook: DXY Multi-Timeframe Analysis
The U.S. dollar index fell after a hot CPI report as Federal Reserve officials pushed back on bets for an October rate hike. Michael Boutros, StoneX Media Senior Market Analyst, walks through the U.S. dollar's reversal across the weekly, daily and four-hour charts. Federal Reserve officials Mary Daly, Michelle Bowman and John Williams signaled no urgency to tighten in October, and fed funds futures pared back hike expectations. The 10-year and 30-year Treasury yields turned lower from technical resistance, on track for their largest weekly drop since February.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
US Economic Data Releases
Active Short-term Technical Video Updates
- Australian Dollar Technical Outlook: AUD/USD Trend Break Faces Immediate Test
- British Pound Technical Outlook: GBP/USD Bulls Fight to Stabilize at Critical Support
- Canadian Dollar Technical Outlook: USD/CAD Five-Week Rally Sets Up Major Breakout Test
- Gold Technical Outlook: XAU/USD Selloff Tests Critical Support
- Swiss Franc Technical Outlook: USD/CHF Bulls Attempt to Regroup After Sharp Reversal
--- Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
Latest market news
Web Trader platform
Our sophisticated web-based platform is packed with features.
Open an account today
Experience award-winning platforms with fast and secure execution.
Economic calendar
Related articles
Nasdaq 100 Forecast: NDX slips ahead of Fed Chair Warsh’s speech
U.S. stocks are edging lower on Friday, giving back some of yesterday's gains after Nvidia's strong outlook revived the tech trade. The focus has now shifted firmly to Fed Chair Kevin Warsh's Jackson Hole speech, with investors looking for more clarity on the outlook for interest rates.
EUR/USD forecast: All eyes on Warsh at Jackson Hole - Forex Friday
For much of this week, the EUR/USD has been edging lower with the US dollar regaining some ground after last week’s sell-off that was triggered, in part, by the bond market worries. Investors have been unwilling to bet further against the US dollar so far this week ahead of Kevin Warsh’s keynote speech at the Jackson Hole summit, due later today.
Bitcoin Forecast: BTC/USD Back to $80K Ahead of Warsh’s Jackson Hole Speech
After surging over $15,000 in the past 10 days alone, there is risk of a near-term pullback if Warsh says anything remotely hawkish at Jackson Hole - what are the levels to watch from here?
