The DXY retreats from recent gains, failing to sustain recovery above the 23.6% Fibonacci retracement level.
The US Dollar Index (DXY) faces selling pressure after a brief rebound, stalling near the 100.85 mark, close to the 23.6% Fibonacci retracement level. The index had earlier recovered from a nearly one-month low of 100.35 but failed to maintain upward momentum.
Prior to this pullback, the DXY had weakened amid shifting expectations for Federal Reserve rate cuts, with traders pricing in potential easing later this year. The index remains below its recent highs, reflecting cautious sentiment ahead of key economic data releases.
Market reaction has been muted, with traders awaiting further signals on US monetary policy and inflation trends.