Forex Analysis by Investing.com (Günay Caymaz) covering: EUR/USD, XAU/USD, US Dollar Index Futures, Gold Futures. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Key inflation data and Fed decision this week could determine dollar's direction.reversed course last week, shaking off earlier weakness and surging towards the 105 level on the back of positive employment data.While this put downward pressure on the stock market, the dollar's recovery trend, which began the previous week, continued unabated.This week's CPI release could provide some clarity.
This week's economic data, particularly the CPI and Fed decision, will be crucial in determining the dollar's near-term trajectory and providing further clues about the Fed's future monetary policy actions. Technically, the DXY's climb above May's resistance further strengthens the bullish case. However, if a pullback occurs, the first support to watch is at 104.9.
EUR/USD began the week below the 1.08 support level. The next key support to watch is 1.0725. If this level breaks, the pair could plunge as low as 1.068 this week. With the recent test of monthly lows, the outlook for EUR/USD remains firmly negative.Rising dollar demand also weighed on the precious metals market. Gold tumbled sharply below its support at $2,325, which had held since late May. The price briefly paused around $2,290, a level that previously provided support in April.
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