US Dollar down smalls around 94.70 ahead of US CPI
|- The index loses the grip and tests lows near 94.70.
- Yields of US 10-year note ease from tops beyond 2.86%.
- US inflation figures tracked by the CPI next of relevance in the docket.
The US Dollar Index (DXY), which gauges the greenback vs. a basket of its main rivals, is trading on the defensive on Thursday although some support emerged in the 94.70/65 band for the time being.
US Dollar looks to trade, data
After three consecutive daily advances, the index has now showing some weakness although it manages well to so far stay in the upper end of the weekly range below the critical 95.00 milestone.
The buck continues to look to the unabated trade disputes between US and China, while attention is also on Trump’s European tour and his latest comments on the NATO.
Later in the session, the greenback is expected to remain in centre stage in light of the publication of June’s CPI figures seconded by the usual weekly report on the labour market and the speech by Philly Fed P.Harker.
US Dollar relevant levels
As of writing the index is down 0.05% at 94.69 facing the next support at 94.65 (21-day sma) followed by 94.45 (10-day sma) and then 94.04 (23.6% Fibo of the April-June up move). On the upside, a breakout of 94.79 (high Jul.12) would open the door to 95.03 (high May 29) and then 95.53 (2018 high Jun.28).
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