US Dollar Index keeps the daily range around 92.60
|- DXY clings to gains around 92.60 on Friday.
- US Retail Sales surprised to the upside in June.
- July’s flash Consumer Sentiment comes up next.
The dollar remains on its way to close the week with moderate gains, with the US Dollar Index (DXY) navigating the 92.60 region so far on Friday.
US Dollar Index capped around 92.80
The index keeps the bid tone well and sound in the second half of the week, although it has failed once again to break above the key 92.80/85 resistance band.
The dollar regained upside traction following Wednesday’s selloff, as market participants digested both testimonies by Chief Powell, while some Fed-speakers advocated for an earlier QE tapering.
In addition, US yields in the belly of the curve manage to leave behind recent lows, lending extra support to the buck.
Earlier in the session, US Retail Sales surprised to the upside expanding 0.6% MoM in June, 1.3% when excluding the Autos sector (core sales). Later in the calendar, the advanced U-Mich Index for the current month is due while May’s TIC Flows will close the weekly docket later.
US Dollar Index relevant levels
Now, the index is gaining 0.11% at 92.66 and a breakout of 92.84 (monthly high Jul.7) would open the door to 93.00 (round level) and finally 93.43 (2021 high Mar.21). On the other hand, the next down barrier lines up at 91.51 (weekly low Jun.23) followed by 91.37 (200-day SMA) and finally 89.53 (monthly low May 25).
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