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News / Other data

* Colombian Finance Minister Jose Antonio Ocampo has asked the country's central bank to discuss liquidity in futures markets in its monthly meeting this Friday, he said on Wednesday, at a time when local currency and public debt are experiencing turbulence from domestic uncertainty.

* The U.S. dollar sank more than 1% against a basket of peers on Wednesday as weakening economic data firmed views that the Federal Reserve will slow the pace of its rate hiking cycle, sending the euro back above parity with the greenback for the first time in a month.

* Vietnam is preparing to loosen its tight leash on the dong currency, including possibly widening its trading band with the U.S. dollar again, in order to conserve its shrinking currency reserves, a source with direct knowledge of the matter said on Wednesday.

* The U.S. dollar edged lower in early European trading Wednesday, trading near a three-week low, as traders reacted to more U.S. economic weakness as well as likely intervention in Asia.

* Most Asian currencies crept higher on Wednesday as markets bet that economic headwinds will force the Federal Reserve into softening its hawkish stance, while the Chinese yuan rose amid reports of government intervention in currency markets.

* Major Chinese state-owned banks sold U.S. dollars in both onshore and offshore markets in late trade on Tuesday to prop up the weakening yuan, two sources with direct knowledge of the matter told Reuters.

Data inference

* Actual greater than 'Forecast' is good for currency

Chart for the day

Observation

* On looking at Daily chart of DXY, the steepness of the trend Kept Rising since May 2021, showing strong underlying uptrend.

* Prices in the previous Trading session has given a breakout from the Adam & Eve Double Top Pattern, Indicting reversal from prior uptrend.

* Index have breached its crucial variable support of 14 and 26 Days EMA, confirms the reversal in Trend.

* RSI plotted on the Daily Timeframe have sustained below the 50 mark indicating the momentum of the prices to move down.

Inference

Bearish till below 113.94 levels

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