DXY: Fresh 2025 Low – OCBC

FXStreet Insights Team FXStreet

US Dollar (USD) continued to come under pressure on softer US housing data overnight and in reaction to report that Trump may consider nominating the next Fed Chair earlier around September or October. DXY was last seen at 97.20, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Daily momentum turns mild bearish

"Typically, Fed Chair is nominated 3 – 4 months before taking office and Powell’s term only ends in May 2026. Announcing around September or October will be considerably much earlier and some believe that this may allow for the chair-in-waiting to influence market expectations about the potential path for rates. Overnight, EUR strengthened on progress with regards to Germany increasing its expenditure on defence and infrastructure. "

"Combination of 'sell USD' trade, consistent stronger CNY fix seen over the last few sessions and geopolitical de-escalation continued to fuel the rally in TWD, THB and KRW. Daily momentum turned mild bearish while RSI fell. A daily close below 97.50/60 levels (recent low) puts next support at 97 levels. Resistance at 98.60 (21 DMA), 99.30 (50 DMA)."

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FXStreet Insights Team

FXStreet

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