The US Dollar held steady on Thursday after a four-day rally as traders awaited the European Central Bank’s (ECB) interest rate decision. The US Dollar Index (DXY) climbed towards the 104.00 mark, buoyed by expectations of a 25 basis point rate cut from the ECB and concerns about Germany’s struggling economy.
On the US side, key data releases, including Jobless Claims, Retail Sales, and Industrial Production, are set to provide more insights into the economy. Meanwhile, markets are speculating that former President Donald Trump’s lead in the polls could further drive the Dollar higher ahead of the November elections.
Technical analysis indicates the DXY may face resistance near 104.00, but a further Trump lead could push it towards 105.00. Support levels stand at 103.20 and 101.84, with the Dollar remaining strong amidst overbought conditions.
https://www.fxstreet.com/news/us-dollar-extends-gains-as-china-hangs-in-the-ropes-202410171054


