The US Dollar (USD) eases on Wednesday after surprise comments from US Federal Reserve Bank of Chicago President Austan Goolsbee in Sintra during the European Central Bank symposium.
The US Dollar is a touch softer on Wednesday ahead of FOMC Minutes. Markets are easing their positions on the US Dollar after Fed’s Goolsbee calls for a rate cut. The US Dollar index retreats away from 106.00. The US Dollar eases on Wednesday after surprise comments from US Federal Reserve Bank of Chicago President Austan Goolsbee in Sintra during the European Central Bank symposium.
Rate cuts should see some weakening of the Greenback, and could mean that the DXY will not be making any new highs anytime soon. On the upside, the pivotal level of 105.89 is a must-have for additional gains. Once a daily close has taken place above that level, marching above the red descending trend line in the chart below at 106.26 and the peak of April at 106.52 are the two main resistances ahead of a fresh nine-month high. That would be reached once 107.35 is broken to the upside.
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