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Forex

Dollar Weakens Amid Labor Day Holiday and Disappointing Economic News

Guavy AI Editorial Team
Instruments
EUR USD
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The US dollar has been losing ground against major currencies due to the absence of significant economic news in light of the Labor Day holiday. The nearest support level for the US Dollar Index is between 98.60 and 98.75, with the next support at 97.70-97.85 if it falls below this range.

The Relative Strength Index (RSI) is currently in moderate territory, indicating there's still room for further decline in the near term.

EUR/USD has managed to gain some ground despite a disappointing Industrial Production report from Germany, which showed a 1.1% month-over-month decrease in July.

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