DXY: A relief rebound after a bad week – DBS

FXStreetSep 10, 2024 10:35 AM

View all comments（0）



The Dollar Index (DXY) consolidates near the top end of its three-week range (100.5 and 101.9), DBS FX strategist Philip Wee notes.

DXY is near the top of a three-week range

“DXY may consolidate following a two-day rebound near the top end of its three-week range (100.5 and 101.9).”

“The US Treasury 2Y yield rose by 2.3 bps to 3.67% after four consecutive sessions of declines. Overnight, the Dow, S&P 500, and Nasdaq Composite indices each gained 1.2%, stabilizing after their worst weekly sell-off this year.”

“The futures market believes that the Fed needs to act more forcefully with a 50-bps cut at next week’s FOMC meeting to counter US recession fears tied to a cooling labour market.”

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Cathie Wood Bearish on 'Clarity Act'? Ark Invest Dumps Over $60 Million in Crypto Stocks Ahead of Vote

Ahead of the vote on the Clarity Act, Cathie Wood heavily offloaded crypto stocks, cashing out over $60 million.

Cryptos Rebound Strongly as 'Clarity Act' Vote Imminent, XRP Surges Over 5%

As procedural voting on the CLARITY Act gets underway, cryptocurrencies generally rebounded and strengthened, with XRP surging over 5%.

Today’s Market Recap: AI Chip Stocks Plunge as Nvidia, Micron, Broadcom Tumble; Gold Drops below $4,300

TradingKey - On September 14, Eastern Time, the three major U.S. stock indices closed lower across the board. AI industry executives collectively called for a slowdown in the development of advanced models, prompting the market to reassess the outlook for AI capital expenditures and chip demand. Mea

US Stocks Drop as Philadelphia Semiconductor Index Falls Nearly 6%; Memory Stocks Lead Losses With Micron Down 5%; Cybersecurity, Cloud Providers Buck Trend

Anthropic CEO Dario Amodei called for a slowdown in the pace of artificial intelligence capability development, sending AI-related stocks lower across the board. Meanwhile, surging US Treasury yields and crude oil prices also weighed on the market. US equities edged lower, with memory and optical communications stocks leading the declines, while software and cybersecurity stocks bucked the trend to gain. At the close, the Dow Jones Industrial Average fell 0.29% to 52,421.20; the Nasdaq Composite Index fell 0.56% to 26,186.41; and the S&P 500 Index fell 0.48% to 7,619.98.

Oracle Stock Price Forecast: Reported New Round of Layoffs, Ellison Cancels Share Sale Plan, Will the Stock Stabilize at $142?

On September 14, Eastern Time, Oracle's (ORCL) stock price slipped further to around $141, hitting a near two-week low. Reports indicate that Oracle has initiated a new round of layoffs, with job cuts in certain teams potentially reaching double digits. The layoffs had been brewing internally, aimed primarily at reducing payroll costs to support the company's expanding investments in AI infrastructure. Prior to this round of layoffs, the company's total headcount was approximately 141,000.

Featured Tools