Dollar Slides Ahead of Crucial Economic Data; Volatility Expected
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The US dollar dipped on Monday due to Friday's selling pressure and nervous market sentiment ahead of pivotal economic data releases this week.
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The US GDP second estimate on Wednesday and PCE price index on Thursday are main events that could impact dollar direction.
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A further decline in US new home sales data today could confirm housing market is slowing under higher interest rates.
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The dollar index broke below the 200-day moving average support level on Thursday, which could trigger more selling by traders.
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Expect high volatility in the dollar this week ahead of Thursday's anticipated PCE price index release and reaction.