US Dollar Index depressed around 94.40, focus on Philly Fed
|- The index appears in the lower end of the range in the 94.40 region.
- Yields of the US 10-year stay sidelined around 3.07%.
- US Philly Fed manufacturing index next of relevance in the docket.
The US Dollar Index (DXY), which measures the buck vs. a basket of its main competitors, keeps struggling for direction this week and is now navigating the 94.40 area.
US Dollar Index looks to data
The index is challenging multi-week lows in the 94.40/30 band on Thursday amidst the persistent upbeat tone in the riskier assets and alleviated concerns on the US-China trade dispute.
In fact, the greenback remains unable to gather some upside traction so far this week and keep navigating in levels last seen in late July near 94.30. Despite the recently announced fresh tariffs on US imports of Chinese products, headlines from the trade front lost weigh as driver of the price action around USD.
Looking ahead, the manufacturing gauge from the Philly Fed will be the salient event later in the NA session followed by the usual weekly report on the labour market and August’s Existing Sales.
US Dollar Index relevant levels
As of writing the index is losing 0.24% at 94.33 facing the next support at 94.31 (low Sep.20) seconded by 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26). On the flip side, a break above 95.00 (high Sep.14) would target 95.04 (55-day SMA) en route to 95.74 (high Sep.4).
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