The USD lost momentum on Tuesday although it remains above previous resistance levels.
An improved risk environment and hopes of a dovish turn by the Fed have capped the US Dollar’s recovery. DXY: Below 104.55, the next targets are 1.0405 and 1.0365. The US Dollar has turned lower during the early European trading session, with market sentiment improving somewhat. Israel has refrained from retaliating against Hizbullah in Lebanon after a deadly attack from the Iran-backed militias this week, which has eased concerns about further destabilization in a highly volatile area.
Data released last week showed that the US Personal Consumption Expenditures Prices Index ticked down in June, although the core PCE remained at 2.6% year-over-year. This reading is close to the bank’s 2% inflation target and maintains hopes of a September rate cut alive. DXY Technical Outlook: Testing 1.0450 after failure at 104.80 area The US Dollar Index recovery has lost momentum on Tuesday, with risk assets bouncing up amid a more favorable environment. Bulls have been capped at 104.
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