US Dollar probes daily highs above 96.40
|- The index gathers some traction and tests 96.40, daily tops.
- DXY navigates within a narrow range, always looking to Turkey, trade.
- US Export/Import prices disappointed consensus in July.
The greenback, in terms of the US Dollar Index (DXY), is now picking up some pace and is looking to break above the daily range between 96.20 and 96.40.
US Dollar looks to Turkey, risk-off
The index has now returned to the upper end of the range near 96.40, although the broader sideline theme keeps prevailing so far on Tuesday.
The upside mood around the buck seems to be taking a breather today following some announcements from the Turkish finance minister, which appear to have brought in some relief to the Turkish currency and thus alleviating the bias towards the risk-off sentiment.
However, the US-Turkey trade front remains fragile after Turkey announced it will boycott electronic goods made in the US.
In the US data space, Export Prices contracted at a monthly 0.5% in July and expanded at a yearly 4.3%. In addition, Import Prices came in flat inter-month and gained 4.8% over the last twelve months.
Later in the session, the API will publish its weekly report on US crude oil inventories.
US Dollar relevant levels
As of writing the index is up 0.14% at 96.42 and a breakout of 96.52 (2018 high Aug.13) would aim for 97.00 (psychological level) and then 97.87 (61.8% Fibo of the 2017-2018 drop). On the downside, the next support lines up at 95.39 (10-day SMA) seconded by 95.02 (21-day SMA) and finally 94.08 (low Jul.26).
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