Chart of the Day – US Dollar DXY – (August 23rd, 2023)

The US Dollar showed a reversal following the S&P PMI’s today, this was following weak Eurozone and UK PMI’s earlier today. This does suggest US “exceptionalism” may be coming to an end (for now) and that the US could suffer the same fate as the rest of the world. This move comes just before the Jackson Hole Symposium, which will showcase Federal Reserve Chair Jerome Powell on Friday. On Friday, if traders  think that the FOMC may be finished hiking rates for the remainder of 2023, the USD could accelerate losses into the week end. A break back below the 200DMA would also suggest the US Dollar may be in a longer term range bound environment.

Blake Morrow

Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.