US Dollar extends the drop to 94.50 ahead of data

The index drops to multi-day lows near 94.50.
US 10-year yields test fresh highs in the 2.92% area.
US flash Manufacturing/Services PMI next on tap.

Pablo Piovano FXStreet

The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main rivals, is extending the drop and posts fresh multi-day lows in the mid-94.00s.

US Dollar looks to data, trade

The index is down for the second session in a row at the end of the week, coming down from yesterday’s fresh 11-month tops just beyond 95.50.

The selling momentum in the buck picked up pace in tandem with shrinking concerns on the US-China trade front following escalating tensions at the beginning of the week.

In the meantime, yields of the key US 10-year note are inching higher today, navigating in session tops around the 2.92% area.

Later in the NA session, Markit will publish its flash figures for the Manufacturing/Services PMI for the current month.

US Dollar relevant levels

As of writing the index is down 0.33% at 94.56 and a breach of 94.47 (low Jun.22) would open the door to 94.24 (21-day sma) and then 93.19 (low Jun.13). On the upside, the next hurdle emerges at 95.53 (2018 high Jun.22) seconded by 96.00 (psychological level) and finally 96.51 (high Jul.4 2017).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.