US Dollar Index looks to rebound beyond 95.20
- The greenback is up smalls and approaches the 95.20 level.
- US 10-year yields navigate the lower end of the range near 2.81%.
- US-China trade front, Fed’s tightening, yield curve among drives for USD.
The US Dollar Index (DXY), which tracks the buck vs. a basket of its main rivals, has started the week on a positive noted and is now hovering over the 95.20 area.
US Dollar Index well supported near 95.00
The index remains well supported around the 95.00 neighbourhood, coincident with the 55-day SMA and closer to the key short-term support line off June’s low at 93.20.
The greenback so far manages to shrug off the dovish tone by Chief Powell at the Jackson Hole Symposium last week, while attention appears to have shifted to the flattening yield curve, a potential rate hike at the September meeting and the omnipresent US-China trade dispute.
On another front, USD speculative net longs climbed to the highest level since May 9 2017 during the week ended on August 21, according to the latest CFTC report.
Data wise today, nothing scheduled in the US docket should leave the focus on the German IFO to be published later in the European morning.
US Dollar relevant levels
As of writing the index is up 0.01% at 95.18 and a break above 95.53 (21-day SMA) would aim for 95.71 (high Aug.23) and then 95.84 (10-day SMA). On the flip side, the immediate support emerges at 94.98 (55-day SMA) followed by 94.93 (low Aug.22) and finally 94.08 (low Jul.26).
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