US Dollar gathers pace, flirting with 95.00

  • The greenback extends its momentum near the 95.00 mark.
  • US 10-year yields find support near 2.90%.
  • NAHB index, speeches by Bostic, Dudley in the limelight.

The greenback, in terms of the US Dollar Index (DXY), has started the week on the right footing and trades in the area of daily highs around the 95.00 milestone.

US Dollar looks to US-China, Draghi

The index seems to have recovered the smile at the beginning of the week and is now reverting Friday’s pullback, hovering over the 95.00 neighbourhood against the backdrop of a weaker tone in the risk-associated space.

The greenback so far manages to leave behind another round in the US-China trade conflict, all amidst the recently imposed US tariffs on Chinese products and the subsequent retaliatory measures from the Asian economy.

It is worth mentioning that the greenback’s performance remains decoupled from yields in the US money markets, where the key US 10-year note is navigating the area of recent lows in the 2.90%-2.91% band.

News from the speculative community notes USD net longs climbed to the highest level since early July 2017 during the week ended on June 12, as per the latest CFTC report.

In today’s US calendar, the NAHB index is only expected ahead of the speeches by Atlanta Fed R.Bostic (voter, centrist) and New York Fed W.Dudley (permanent voter, centrist).

US Dollar relevant levels

As of writing the index is up 0.20% at 94.98 facing the next hurdle at 95.14 (2018 high Jun.15) seconded by 95.15 (high Nov.6 2017) and finally 96.51 (high Jul.4 2017). On the other hand, a breach of 94.04 (21-day sma) would open the door to 94.02 (10-day sma) and then 93.21 (low Jun.6).

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