The US Dollar Index (DXY) has pulled back after a brief rally, as mixed economic data has dampened market sentiment.

Key Factors:

• US Economic Data: While the ADP Employment Report showed stronger-than-expected job growth, the GDP data came in slightly below expectations.
• Federal Reserve Expectations: The market is still pricing in a 25 basis point rate cut by the Federal Reserve in November, but the pace of future rate cuts remains uncertain.
• Global Economic Outlook: Concerns about a potential global economic slowdown are also influencing currency markets.

Technical Analysis:

• Downward Pressure: The DXY is facing downward pressure, with potential for further declines.
• Support Levels: The 103.95 and 103.40 levels are potential support levels.
• Resistance Levels: The 104.55 and 105.20 levels are potential resistance levels.