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USD and yields rise on Fedspeak, Oil tumbles on OPEC+
USD bounced back in Thursday’s session with the US Dollar Index (DXY) recouping the weeks losses after finding some technical support at its 61.8 Fib level and an extreme oversold RSI reading. Fundamentally, some hawkish Fedspeak from voting member Daly, where she commented that it is too soon to call the end on rate hikes and the battle against inflation may not yet be over also lending a strong tailwind to USD as yields spiked on her comments. DXY retaking the 103 handle and pushing to the key levels of its 50% Fib level and 200 Day SMA before finding resistance. After some mixed messaging from Fed officials this ... (full story)