BUZZ-COMMENT-Dollar is ending the month in good shape
Dow Jones Industrial Average DJI | 41393.78 | +0.72% |
S&P 500 index SPX | 5626.02 | +0.54% |
NASDAQ IXIC | 17683.98 | +0.65% |
March 28 (Reuters) - The U.S. dollar is ending March in good shape due to both fundamental and technical factors, setting up a potentially positive April.
The dollar gained on the euro and pound on Thursday after U.S. Federal Reserve's Waller said he wasn't in a hurry to cut rates, while traders braced for key economic data and hesitated to move on the yen on fears of a Japanese intervention.
Fed rates are expected to remain well above those of other major central banks throughout 2024, according to the LSEG Interest Rate Probability App, and that should keep the greenback's bias on the upside.
The USD index, which tracks the dollar against a basket of six major currencies, ended last week above the daily cloud that currently spans the wide 102.790-104.035 region. The scope grows for bigger gains and an eventual test of the 2024 104.97 high, a break above which would unmask the 105.752 Fibo, a 76.4% retrace of the 107.340 to 100.610 (October to December) drop.
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(Martin Miller is a Reuters market analyst. The views expressed are his own. Editing by Alison Williams)
((martin.miller@thomsonreuters.com))