With the Dollar Index's slight retreat and key EUR/USD, GBP/USD resistance levels in play, traders eye Fed remarks and trade balance data for cues.
The Dollar Index has seen a modest decline, trading at $104.037, down by approximately 0.10%. In Europe, German Industrial Production unexpectedly contracted by 1.6%, a sharper decline than the forecasted 0.4% decrease. This follows a surprising surge in German Factory Orders by 8.9% and a dip in Retail Sales by 1.1%.
For the GBP, the Halifax HPI showed a stronger than expected growth of 1.3%, suggesting resilience in the UK housing market. However, the Construction PMI indicated contraction at 48.8, signaling pressures in the construction sector.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.