GoldenOctober2024
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May 21st, Jin10 News - Maybank stated that the support level for the US Dollar Index is currently at 104.00. Sideways trading for the USD may continue within the range of 104-105. Breaking below 104 would open the path towards 103.20. The next resistance level is at 105.80 if it breaks through 105. There were many speeches by Federal Reserve officials today, including Barkin, Bowman, Williams, Bostic, and Bullard. A "better" inflation report has suppressed the bullish momentum of the US Dollar. There is a lot of uncertainty in the inflation path, and Federal Reserve officials may maintain a balanced position of "keeping interest rates at higher levels for a longer time". This is also one of the reasons why we continue to expect the US Dollar to remain range-bound.

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