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The US Dollar gets crushed; Gold and commodity currencies bid
With the US CPI for December in-line with expectations at 7%, traders took the opportunity to unload some of their long US Dollar positions. As mentioned earlier in the CPI recap, the DXY had been trading sideways in a range between 95.50 and 97.00 since mid-November. On the release of the CPI print, the US Dollar Index moved sharply lower and is currently testing support at the bottom, rising trendline of the long-term channel it has been in since May 2021. Watch to see if the 94.90 level can hold. (For support and resistance levels in the DXY see the CPI recap) chart One of the beneficiaries of a move lower in ... (full story)