Home Economy U.S Dollar Stalls Amid Upbeat Economic Data

U.S Dollar Stalls Amid Upbeat Economic Data


Even though upbeat economic data gave the greenback an early boost on Friday, the greenback was down in London on Friday as the dollar headed for a second consecutive week of losses.

According to U.S. data released on Thursday, existing-home sales grew by 7% month-over-month in September to 6.29 million units.

However, DXY bulls failed to mount pressure on the 94 resistance band, in the wake of the better-than-expected data.

At the time of drafting this report, the U.S. Dollar Index that measures the greenback against a basket of other currencies fell by 0.04% to 93.71 index points

After the boldest move in over a week, bulls pause around 93.75 on the US Dollar Index. After having reversed course from the monthly low, the greenback gauge now seesaws within a choppy range.

Following a low at 92.32, the index broke through its opening range to surge past the resistance level of 93.40/45 into the end of the month.

The rally has been paused by resistance…

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