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5 Sep 2018

US Dollar Index challenges recent tops near 95.70

  • The index rebounds from tops and tests 95.70.
  • Yields of the US 10-year note ease a tad from peaks around 2.90%.
  • US trade balance figures next of relevance in the docket.

The US Dollar Index (DXY), which tracks the buck vs. a basket of its main rivals, has left behind the initial pessimism and is now targeting daily highs in the 95.70 area.

US Dollar Index looks to trade, data

The index is advancing for the second consecutive session on Wednesday and is flirting with the area of recent tops in the 95.70/75 band.

US-China trade jitters continue to lend support to the buck along with persistent inflows from the troubled EM FX space, with the Argentenean Peso (ARS) and the South African Rand (ZAR) in the centre of the debate as of late.

In addition, the upcoming FOMC meeting has sparked speculations of further tightening by the Federal Reserve, which has been also collaborating with the upbeat sentiment around the buck.

In the US data space, July’s trade balance figures will be in centre stage ahead of more relevant publications later in the week.

US Dollar Index relevant levels

As of writing the index is gaining 0.23% at 95.65 and a breakout of 96.04 (50% Fibo of the 2017-2018 drop) would open the door for 96.96 (2018 high Aug.15) and finally 97.87 (61.8% Fibo of the 2017-2018 drop). On the other hand, the next support emerges at 94.45 (low Aug.28) seconded by 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26).

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