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Hello everyone, today XM Forex will bring you "[XM official website]: Bearish momentum increases before the Federal Reserve's decision, and the U.S. dollar index weakens." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - On Tuesday (October 28), the U.S. dollar index came under pressure during the session on Tuesday, continuing the four-day correction since the high of 99.139 on October 22, falling to 98.668. The price has broken through the small pivot point of 98.797 and the 61.8% retracement of 98.650, with today's low hitting 98.565. Traders are eyeing the 50-day moving average at 98.132, which could act as support for bargain hunters or trigger a deeper decline toward 97.462 if it fails. From a technical perspective, as long as the U.S. Dollar Index remains above its 50-day line, the trend remains intact. But unless bulls can break through 99.139 and reclaim 99.563, the market will continue to be in a weak uptrend. This situation will not change without new hawkish signals from the Fed, which is currently unlikely. Fed rate cut already priced in, focus on Powell's guidance Ahead of the Fed's decision, the yield curve overall edged lower, with the 10-year Treasury yield hovering just below 4% at 3.976%. The bond market has fully digested expectations of a 25 basis point interest rate cut, lowering the federal funds rate range to 3.75%-4.00%. Traders also see the likelihood of another rate cut in December as close to 80%, but that expectation has yet to be confirmed. With the government shutdown and economic data scarce, markets are left to rely on assumptions, and Powell's tone will be particularly important. If he hints that more rate cuts are possible, the dollar index could remain under pressure. If he holds out, the dollar could rebound, but with subdued inflation and slowing job growth, Powell's case for taking a hawkish stance here isn't strong. Bessent pushes BOJ to normalize interest rates化，日元走强在
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