US Dollar Index depressed around 94.40, focus on Philly Fed

The index appears in the lower end of the range in the 94.40 region.
Yields of the US 10-year stay sidelined around 3.07%.
US Philly Fed manufacturing index next of relevance in the docket.

Pablo Piovano FXStreet

The US Dollar Index (DXY), which measures the buck vs. a basket of its main competitors, keeps struggling for direction this week and is now navigating the 94.40 area.

US Dollar Index looks to data

The index is challenging multi-week lows in the 94.40/30 band on Thursday amidst the persistent upbeat tone in the riskier assets and alleviated concerns on the US-China trade dispute.

In fact, the greenback remains unable to gather some upside traction so far this week and keep navigating in levels last seen in late July near 94.30. Despite the recently announced fresh tariffs on US imports of Chinese products, headlines from the trade front lost weigh as driver of the price action around USD.

Looking ahead, the manufacturing gauge from the Philly Fed will be the salient event later in the NA session followed by the usual weekly report on the labour market and August’s Existing Sales.

US Dollar Index relevant levels

As of writing the index is losing 0.24% at 94.33 facing the next support at 94.31 (low Sep.20) seconded by 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26). On the flip side, a break above 95.00 (high Sep.14) would target 95.04 (55-day SMA) en route to 95.74 (high Sep.4).

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.