US Dollar Index Pushes Higher, Sterling Continues To Weaken After Boe Dovish Shift

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3/22/2024 5:14:48 AM

(MENAFN- DailyFX) ex Pushes Higher, Sterling Continues to Weaken After BoE Dovish Shift Skip to Conten

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Mar 22, 2024 US Dollar Index Pushes Higher, Sterling Continues to Weaken After BoE Dovish Shift Mar 21, 2024 US Dollar Outlook & Market Sentiment: USD/JPY, USD/CAD, USD/CHF Mar 21, 2024 EUR/USD Gains Already at Risk After Markets Digest FOMC, SNB Revelations
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Host: Duration: min 09:12:23 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bearish
1h Last updated: Mar 22, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News EUR/USD Gains Already at Risk After Markets Digest FOMC, SNB Revelations 2024-03-21 15:08:03 Fed Sticks to Dovish Policy Roadmap; Setups on Gold, EUR/USD, Nasdaq 100 2024-03-21 00:00:00 Oil - US Crude Bearish

1h Last updated: Mar 22, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News BoJ Exits Negative Rates but JPY Falters, USD Bid on Rate Cut Pushback 2024-03-19 15:00:27 IEA Revises Oil Demand Outlook, Tweaks Supply Estimates – Oil Rises 2024-03-14 18:00:42 Wall Street Mixed

1h Last updated: Mar 22, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Dow and Nikkei 225 Hit Fresh Records, with Nasdaq 100 Following Close Behind 2024-03-21 11:00:00 Dow Holds Steady and Hang Seng Drops, but Nikkei 225 Rally Continues 2024-03-19 13:00:31 Gold Bearish

1h Last updated: Mar 22, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Soars to New All-Time High After the Fed Reaffirmed Rate Cut View 2024-03-21 09:12:55 Fed Sticks to Dovish Policy Roadmap; Setups on Gold, EUR/USD, Nasdaq 100 2024-03-21 00:00:00 GBP/USD Bearish

1h Last updated: Mar 22, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Index Pushes Higher, Sterling Continues to Weaken After BoE Dovish Shift 2024-03-22 08:50:15 Bank of England Leaves Rates Unchanged, Vote Split Turns Dovish, GBP/USD Slips 2024-03-21 12:31:01 USD/JPY Bullish

1h Last updated: Mar 22, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Outlook & Market Sentiment: USD/JPY, USD/CAD, USD/CHF 2024-03-21 18:00:00 USD/JPY Selloff Continues Ahead of the FOMC Meeting 2024-03-20 14:08:55 More View More

🇩🇪 Ifo Business Climate (Mar) Actual: 87.8 Expected: 86 Previous: 85.5
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US Dollar Index Price and Analysis
US Dollar Index Daily Price Chart
US 2-Yr Bond Yields
UK 2-Yr Bond Yields
GBP/USD Daily Price Chart
US Dollar Index Price and Analysis

US The dollar index prints a fresh one-month high.
Sterling continues to re-price lower after Thursday's dovish BoE meeting.

For all major central bank meeting dates, see the DailyFX Central Bank Calendar
Recommended by Nick Cawley Traits of Successful Traders Get My Guide
The Bank of England looks set to join the Federal Reserve and the European Central Bank in lowering borrowing costs in June with a global rate-cutting cycle looking set to dominate financial markets over the coming months. The Swiss National Bank jumped the gun yesterday, unexpectedly cutting its borrowing rate by 25 basis points to 1.5%. The SNB added that it was also ready to act to prevent the Swiss Franc from any further appreciation if necessary. The weakening of a raft of major G7 currencies has given the US dollar index a boost higher.
Bank of England Leaves Rates Unchanged, Vote Split Turns Dovish, GBP/USD Slips
US Dollar Index Daily Price Chart
For all economic data releases and events see the DailyFX Economic Calendar
Short-dated US Treasury yields are little changed despite the greenback's rally. In contrast, comparable Euro and UK 2-year bond yields continue to fall as markets continue to re-price recent central bank shifts.
US 2-Yr Bond Yields UK 2-Yr Bond Yields
Learn how to trade GBP/USD with our complimentary guide
Recommended by Nick Cawley How to Trade GBP/USD Get My Guide
GBP /USD is trading at a one-month low in early European turnover with further losses likely. The pair now sit on the 200-day sma and a confirmed break below this technical indicator will bring 1.2547 and the 50% Fibonacci retracement level at 1.2471 into play. Below here 1.2381 comes into view. Any rebound will find resistance at 1.2628, the 38.2% Fib retracement, and 1.2667.
GBP/USD Daily Price Chart
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Retail trader data shows 62.46% of traders are net-long with the ratio of traders long to short at 1.66 to 1.The number of traders net-long is 35.32% higher than yesterday and 13.48% higher than last week, while the number of traders net-short is 29.88% lower than yesterday and 25.16% lower than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
GBP/USD Bearish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	38%	-33%	-1%
Weekly	14%	-29%	-7%

What does it mean for price action? Get My Guide

What are your views on the US Dollar and the British Pound – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

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