DXY 010524 4h Chart
U.S. Dollar Index pulls back ahead of Fed decision. Today, traders also focused on economic reports. ISM Manufacturing PMI declined from 50.3 in March to 49.2 in April, compared to analyst consensus of 50.0. JOLTs Job Openings decreased from 8.76 million in February to 8.49 million in March. The final reading of S&P Global Manufacturing PMI report showed that Manufacturing PMI decreased from 51.9 in March to 50.0 in April, compared to analyst forecast of 49.9. The reports did not have a material impact on U.S. dollar dynamics as traders waited for Fed decision.
Technical catalysts will take a back seat today as traders will react to Fed decision and Powell’s comments.
