- 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).
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts
Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.