US Index DXY Chart Technical Outlook consolidates weekly gains ahead of mid-tier data
Markets stay relatively quiet on Friday as investors assess the latest data releases while keeping an eye on headlines surrounding the banking crisis in the US. Later in the day, Import and Export Price Index data will be featured in the US economic docket. Ahead of the weekend, the University of Michigan (UoM) will release the Consumer Sentiment Survey for May.
Escalating fears over a deepening banking crisis caused investors to seek refuge on Thursday and the US Dollar Index climbed to its highest level in 10 days above 102.00 before going into a consolidation phase near that level early Friday. PacWest said in a securities filing on Thursday that its deposits dropped nearly 10% and the bank’s shares lost more than 20%. The financial-heavy Dow Jones Industrial Average lost nearly 0.7% on a daily basis. In the European morning, US stock index futures trade modestly higher on the day.