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2025-07-31 09:50:02
The US Dollar Index fluctuates at a high level, with technicals favoring a bullish outlook. Markets are focused on key US economic data. 1. The US Dollar Index edged lower on Thursday, currently down 0.2% at 98.75. This followed a 1.1% surge on Wednesday, driven by rising US Treasury yields and strong economic data. Market attention is turning to the upcoming releases of the core PCE price index, non-farm payrolls, and ISM manufacturing data, which will provide new clues about the Federal Reserve's policy path. 2. Technicals suggest the dollar's upward trend remains intact, with the 5-day, 10-day, and 21-day moving averages aligned in a bullish pattern, and the 21-day Bollinger Band moving upward. Initial support currently lies at Tuesday's low of 98.58, with stronger support at the 55-day moving average at 98.45. Above, resistance lies at the upper Bollinger Band at 99.08 and the 50% retracement of the May-July decline at 99.17. 3. At the same time, boosted by Meta's optimistic financial forecast and Microsoft's better-than-expected revenue, E-mini S&P 500 and Nasdaq index futures rose 0.8% and 1.25% respectively, and the 10-year US Treasury yield fell slightly by 1 basis point to 4.36%.
