- The index keeps the positive ground above the 94.00 handle.
- US 10-year yields find some support in the 2.835 area.
- US Producer Prices, EIA report next on tap.
The greenback, in terms of the US Dollar Index, is sticking to the positive territory for the time being and is hovering over the 94.30 region, or daily highs.
US Dollar looks to trade, Trump, data
The index is prolonging the weekly recovery and so far manages well to keep the trade above the key barrier at 94.00 the figure, always against the backdrop of rising trade tensions ahead of Trump’s European tour.
In fact, global markets remain nervous following another threat of the US to impose tariffs worth $200 billion on Chinese products, while China has already said it will take retaliatory measures.
Attention is poised to remain on the ongoing trade dispute and President Trump’s tour in Europe for the time being. In the US data space, June’s Producer Prices are next on tap seconded by the weekly report on US crude oil inventories by the EIA.
US Dollar relevant levels
As of writing the index is up 0.20% at 94.29 facing the next hurdle at 94.40 (10-day sma) followed by 94.47 (high Jul.10) and then 94.64 (21-day sma). On the flip side, a break below 94.04 (23.6% Fibo of the April-June up move) would aim for 93.84 (55-day sma) and finally 93.71 (low Jul.9).
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