- The index met decent support in the 95.00 region so far.
- US JOLTs Job Openings came in below estimates in June.
- Yields of the US 10-year note retreats from 2.97%.
The greenback, in terms of the US Dollar Index (DXY), managed to rebound from daily lows in the 95.00 neighbourhood and is now pointing to the 95.15/20 band.
US Dollar keeps looking to trade, PBoC, NK
The greenback reverted initial gains and dropped markedly following another unsuccessful attempt to break above the critical resistance area around 95.50, slipping back to the 95.00 area where dip-buyers appear to have emerged.
In the meantime, DXY keeps looking to US-China trade headlines as the almost exclusive driver for the price action, although recent news from the PBoC gave extra oxygen to the Chinese Yuan, dragging USD/CNY lower and thus removing traction from the upside momentum in the buck.
Data wise, US JOLTs Job Openings came in at 6.662 million in June, a tad below estimates albeit a bit higher than May’s 6.659 million. Further data saw the IBD/TIPP Business Optimism index surprising to the upside at 58.0.
US Dollar relevant levels
As of writing the index is losing 0.21% at 95.17 facing the next support at 94.98 (low Aug.3) seconded by 94.80 (10-day SMA) and finally 94.50 (55-day SMA). On the upside, a breakout of 95.20 (high Aug.6) would aim for 95.38 (high May 29) and then 95.53 (high Jun.28).
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