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DXY: Focus shifts back to data – OCBC
By FXStreet Insights Team
Date Published: 31 Jul 2025 | Date Modified: 31 Jul 2025
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US Dollar (USD) bulls extended another leg up overnight following FOMC/Powell’s press conference, OCBC's FX analysts Frances Cheung and Christopher Wong note.
US Dollar (USD) bulls extended another leg up overnight following FOMC/Powell’s press conference, OCBC's FX analysts Frances Cheung and Christopher Wong note.
DXY was last at 99.75 levels
"From an FX point of view, markets were likely to have anticipated Fed Chair Powell to make a soft pivot or hint of rate cut soon but it turned out there was no signaling from Powell. He indicated that the Fed 'made no decisions' about a potential September cut."
"This is in contrast to Trump’s earlier comments (before FOMC decision) to reporters that 'I hear they are going to do it (referring to rate cut) in September'. Fed fund futures now implied a push back in timing of next rate cut to about Dec, from Oct (before the decision). Focus next on core PCE (tonight); payrolls and ISM mfg (Friday)."
"Daily momentum is bullish while RSI rose towards overbought conditions. Immediate resistance at 100 (100 DMA), 100.50 levels. Support at 98.00/30 levels (21, 50 DMAs), 97 levels."
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