- The index moves higher to record fresh tops in the 96.00 region.
- Yields of the US 10-year note tumble to lows near the 2.90% handle.
- US CPI for the month of July next of relevance in the docket.
The greenback, in terms of the US Dollar Index (DXY), is extending the upside momentum to levels above the critical 96.00 mark, recording at the same time fresh yearly peaks.
US Dollar bid ahead of data
A news run by the Financial Times highlighting the ECB’s concerns over the exposure of some EU banks (Unicredit, BNP Paribas, BBVA) to Turkey’s assets amidst the sharp sell off in the Turkish Lira appears to have triggered the selling wave in the risk-associated universe.
Looking ahead, US inflation figures measured by the CPI for the month of July is due later in the NA session, while US-China trade dispute and Turkey should also be in centre stage ahead in the day.
US Dollar relevant levels
As of writing the index is gaining 0.46% at 96.03 and a breakout of 96.18 (high Aug.10) would aim for 96.51 (high Jul.5 2017) and then 97.87 (61.8% Fibo of the 2017-2018 drop). On the downside, the next support is located at 95.10 (10-day SMA) seconded by 94.90 (10-day SMA) and finally 94.08 (low Jul.26).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.