US Dollar Rallies as Safe Haven Amid Market Turmoil and Geopolitical Tensions
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The US Dollar is surging as a safe haven asset amid market turmoil and tensions in the Middle East.
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Technical indicators show the US Dollar Index could break back above the crucial 200-day moving average near 103.58.
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Friday's US jobs report looms large and could give the US Dollar more momentum if yields rise.
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Support for the US Dollar Index sits around 101.92, while resistance sits around 104.28.
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Central banks use interest rates to balance economic growth and keep inflation stable around 2%. Rate hikes fight inflation, cuts encourage growth.