US Dollar trims losses, back around 94.30 ahead of data

• The index remains under pressure on Tuesday around 94.30.
• Yields of the US 10-year benchmark bounces off near 2.93%.
• US PCE, Personal Income/Spending coming up next.

The US Dollar Index (DXY), which tracks the buck vs. a basket of its main competitors, is navigating the lower end of the range in the 94.30/25 band.

US Dollar now looks to docket

The index is navigating its third consecutive session with losses today, hovering over the 94.30 area and closer to the short-term support line, today at 94.22. Shrinking trade tensions coupled with advanced US Q2 GDP figures below expectations published on Friday have been weighing on the buck as of late, forcing DXY to drop further from last week’s tops in the 94.90 area.

The greenback’s bounce off daily lows has been on the back of the rebound in yields of the US 10-year reference from lows near 2.93%.

Later in the day, US Personal Income/Spending for the month of June are due seconded by inflation figures tracked by the PCE and house prices measured by the S&P/Case-Shiller index.

US Dollar relevant levels

As of writing the index is down 0.05% at 94.31 and faces the next support at 94.23 (low Jul.31) seconded by 94.22 (short-term support line) and finally 94.08 (low Jul.26). On the upside, a breakout of 94.91 (high Jul.27) would target 95.53 (high Jun.28) en route to 95.65 (2018 high Jul.19).