The greenback appears somewhat offered around the 104.70 region when tracked by the USD Index (DXY) on Wednesday. USD Index focused on data, Fedspeak
US yields add to Tuesday’s upside across the curve.The greenback appears somewhat offered around the 104.70 region when tracked by theFollowing Tuesday’s climb to new six-month highs around 104.90, the index now faces some selling bias and gives away part of its recent gains despite the resumption of the upside momentum in US yields across different maturities.
Data-wise, in the US, MBA Mortgage Applications are due in the first turn, seconded by Balance of Trade figures, while the services sector will take centre stage with the release of the final prints of the S&P Global Services PMI and the ISM Services PMI. Finally, the Fed’s Beige Book should shed details on the regional performance in the past few weeks.What to look for around USD
In the meantime, support for the dollar keeps coming from the good health of the US economy, which seems to have reignited the narrative around the tighter-for-longer stance from the Federal Reserve. Persistent debate over a soft or hard landing for the US economy. Incipient speculation of rate cuts in H1 2024. Geopolitical effervescence vs. Russia and China.Now, the index is retreating 0.07% at 104.72 and the breach of 103.02 would open the door to 102.93 and then 102.51 . On the other hand, the next up barrier emerges at 104.90 ahead of 105.00 and finally 105.88 .Information on these pages contains forward-looking statements that involve risks and uncertainties.
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