The US Dollar Index (DXY) strengthened for a second consecutive day and traded around 97.55 during Friday's Asian session, reflecting the dollar's resilience amid mixed US economic data. Although the July Manufacturing PMI weakened, the services sector showed strong growth, driving the Composite PMI higher. Market focus now turns to the release of Durable Goods Orders data and next week's FOMC meeting, where the central bank is expected to keep interest rates steady. However, the market is starting to anticipate a possible rate cut in September.
According to my analysis, the price will consolidate in the 3340–3410 area while awaiting a breakout.
How strong is the support at 3340 according to your technical analysis? What is the expected response at 3400–3440 if it breaks out?
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The FOMC is scheduled to announce its interest rate policy decision. Markets expect no change in the current rate, but there is a roughly 60% probability of a rate cut in September.
President Trump's sudden announcement of a 50% import tariff on copper triggered a price spike on the CME exchange, creating a significant arbitrage between the CME and the LME. Copper imports to the US rose sharply between March and May 2025, reaching 541,600 tonnes. As the tariff window closed, LME stocks recovered and exports from China increased. Uncertainty over further provisions kept the market volatile.
Global stock markets are currently on a bullish trajectory, fueled by positive sentiment from the technology sector, news of lower trade tariffs, and buoyant retail activity. However, risks such as the potential long-term impact of protectionist policies remain important to consider.