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Forex Fundamental Daily Forecast – DXY Briefly Drops Under 107.0 as Pullback from Multi-Decade Peaks Extends
The US Dollar slumped on Monday, with the Dollar Index (DXY) at one point falling below 107.0 from earlier session highs above 108.0. The DXY, a trade-weighted basket of major USD pairs, was last trading in the 107.40 area, down about 0.5% on the day and around 1.8% below the multi-decade highs it hit above 109.0 as recently as last Thursday. US equities have given back earlier gains and are now trading in the red, indicative of a pullback in risk sentiment in the last few hours. However, profit-taking on overstretched USD-long positions appears to be preventing the buck from recovering back into the green on an ... (full story)