18 June, 2018
The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June.
The US Dollar Index (DXY), which tracks the buck vs. its main rivals, has managed to attract some buying interest and rebounds from lows near 94.70.
The greenback is extending the choppy trade on Monday, navigating a tight range and coming down after hitting fresh daily tops beyond 95.00 the figure earlier in the session.
The index appears cautious today following another bout of effervescence in the US-China trade front, while another appearance of ECB’s Draghi at the Sintra Forum could also bring in some volatility via EUR/USD.
In the data space, the NAHB index missed estimates at 68 for the current month, while Atlanta Fed R.Bostic (voter, centrist) and New York Fed W.Dudley (permanent voter, centrist) are due to speak later in the day.
As of writing the index is up 0.02% at 94.81 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).
Bulls fail to capitalize on the recent recovery move from over one-month lows. A goodish recovery in European equities dampens safe-haven demand. A modest USD
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The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...
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