Daily digest market movers: DXY's rally persists as investors await FOMC decision and projections
- Markets are still expecting three rate cuts in 2024, starting in June, which matches the last projection from Fed officials.
- The focus will be on the Summary of Economic Projections (SEP) and how confident the bank is on the inflation progress.
- Any shifts seen in the Dot Plot may trigger a reaction in the Greenback.
DXY technical analysis: DXY's bullish momentum is under control, yet volatility is on the horizon
The technical indicators on the daily chart reflect strong buying momentum. The Relative Strength Index (RSI) registers a positive slope in bullish territory, underlining the dominating force of buyers. Simultaneously, the Moving Average Convergence Divergence (MACD) confirms this bullish sentiment by showing rising green bars, suggesting a sustained upward momentum for DXY.
The Simple Moving Averages (SMAs) provide further substantiation of this bullish market control. The index maintains a position above the critical 20, 100, and 200-day SMAs, highlighting a broader positive perspective
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