USD weakens as markets look beyond Venezuela tensions for trading cues
The US dollar index has declined 0.2% to 103.45 as forex markets shift focus away from Venezuela-related geopolitical concerns toward upcoming economic data releases. Despite initial safe-haven flows supporting the greenback, traders are now positioning for this week's key US economic indicators, including ISM Services PMI and Friday's employment report. EUR/USD has benefited from the dollar's retreat, climbing 25 pips to 1.1675, while USD/CAD dropped 0.3% to 1.3420 as oil prices stabilized above $75 per barrel. Market participants appear to be discounting the Venezuela situation as a localized issue unlikely to trigger broader market disruptions. The dollar's near-term trajectory will likely depend on incoming data confirming or challenging the Fed's current policy stance. Technical analysis shows the DXY facing resistance at 104.00, with support established at 103.20.
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EURUSD
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DXY
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