- The index trades in a tight range around 94.30.
- US 10-year yields challenging session tops near 2.90%.
- CB’s Consumer Confidence next of relevance in the US docket.
The greenback, in terms of the US Dollar Index (DXY), has reverted the initial pessimism and is now testing the area of session highs around 94.30.
US Dollar supported near 94.20
Following three consecutive daily pullbacks, the index is now attempting to pick up some pace after meeting some decent support in the 94.20 region, or multi-day lows.
The escalation in the trade dispute involving the US, China and the European Union and the subsequent echo in the risk-off sentiment continues to threaten any recovery in the demand for the buck.
Looking ahead, house prices tracked by the S&P/Case-Shiller index for the month of May are due seconded by the more relevant Consumer Confidence gauge by the Conference Board. In addition, FOMC’s Bostic and Kaplan are also due to speak.
US Dollar relevant levels
As of writing the index is gaining 0.02% at 94.32 and a breach of 94.18 (low Jun.26) would target 94.04 (23.6% Fibo of the April-June up move) en route to 93.19 (low Jun.13). On the upside, the initial hurdle aligns at 94.61 (10-day sma) seconded by 95.53 (2018 high Jun.22) and finally 96.51 (high Jul.4 2017).
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