The US Dollar Index (DXY), which gauges the USD against a basket of six major currencies, has seen a decline after two consecutive days of gains. As of Monday's European trading session, the index is hovering around the 99.20 mark, approaching key support at the nine-day EMA near 99.00. This movement reflects a broader trend in the currency market where the dollar is losing ground.
Traders are closely monitoring the DXY as it tests this crucial technical level. A sustained drop below the 99.00 support could trigger further weakness in the USD, impacting exchange rates across major currency pairs like EUR/USD and GBP/USD. Consequently, market participants will likely be assessing economic indicators and geopolitical factors that could influence the dollar's performance in the coming sessions.
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Data Source: FX Killer Analysis Team Updated: 2026-01-19 09:33
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.