USD broadly weaker: EUR/USD gains while USD/CAD, USD/INR decline
The US dollar faced broad-based selling pressure across major and emerging market currencies, with EUR/USD advancing toward 1.0600 resistance while USD/CAD dropped below 1.3650. The dollar index fell 0.5% as traders reassessed Fed rate expectations amid mixed economic signals. Against emerging markets, the greenback showed particular weakness, with USD/INR declining to test support near 83.20. The Canadian dollar benefited from stable oil prices and expectations of hawkish Bank of Canada policy, pushing USD/CAD lower. EUR/USD's advance was supported by better-than-expected Eurozone economic data and ECB officials maintaining their hawkish stance. Technical indicators suggest the dollar's weakness could extend, with the DXY testing crucial support at 104.00. A sustained break below this level could accelerate losses toward 103.50, while resistance emerges at 104.50 for any near-term rebounds.
Related Symbols:
EURUSD
USDCAD
USDINR
USDJPY
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