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| Dollar Index weekly chart, source:FXSTREET.com |
Many of economists don't expect Goldilocks of United States in the year as well as global economy any more. Goldman Sachs predicts major markets will grow 2.1 percent.
And Jarome Powell, Chair of Federal Reserve Board hinted last year that U.S. benchmark interest rate would be raised several times this year though the hard-landing reports.
These news have made investors to turn back to safety asset such as gold, bonds and U.S. dollar.
But Powell hinted last week that the hike of benchmark's rate would be restrained. Market analysts predict the interest rate will be one or two in the year and the rate will not be raised till June. Powell's comments supported weak greenback, euro rose and dollar index fell.
Rising Dollar index, USDX sidled along Bollinger Bands since 2nd half of last year and turned down in the bands recording 96.xx. The trend line since last February still supports the upward trend but it seems to lose its momentum for about one year. It may be tested to turn its trend in the weekly chart.
The four-hour chart shows the index failed to break through upper band of Bollinger Bands and to make the upward trend in short-and-mid term. It hints the trend down.
Does dollar sit on a slide? It's not clear yet.
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