The dollar is trading lower. The economists of Scotiabank discuss the technical outlook for the US Dollar Index (DXY).
DXY is breaking below the uptrend support that has guided the market higher for much of May
“USD losses are widespread in the G10 FX market and while the DXY losses don’t look as significant at this point, the index has fallen for the third session in a row and short-term trading patterns show the index is breaking below the uptrend support that has guided the market higher for much of May.”
“A soft close on the day would imply a (technical) top in the DXY in the short term at least and more downside risk for the USD after its uninterrupted 3.5% run higher on the month.”
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.