11 Aug 2015
US Dollar extends the recovery to 97.30
FXStreet (Edinburgh) - After a brief test of sub-97.00 levels, the US Dollar Index has regained momentum and is now trading back around 97.30/35.
US Dollar bolstered by PBoC
The greenback has found its demand initially renewed after today’s ‘competitive devaluation’ of the Yuan by the PBoC, which intends to boost the domestic exports sector against the backdrop of increasing rumours of a slowdown in the economy.
However, lack of relevant data in the US docket plus a better tone in the risk-associated universe have prompted the index to surrender part of its gains, finding support just below the 97.00 handle.
Ahead in the week, July’s Retail Sales will be the main event (Thursday), with consensus expecting a monthly expansion of 0.5%.
US Dollar relevant levels
As of writing the index is up 0.10% at 97.26 with the immediate hurdle at 97.59 (high Aug.11) followed by 97.92 (high Aug.10) and then 98.46 (high Apr.21). On the other hand, a break below 96.88 (low Aug.11) would aim for 96.29 (low Jul.27) and finally 95.97 (low Jul.9).
US Dollar bolstered by PBoC
The greenback has found its demand initially renewed after today’s ‘competitive devaluation’ of the Yuan by the PBoC, which intends to boost the domestic exports sector against the backdrop of increasing rumours of a slowdown in the economy.
However, lack of relevant data in the US docket plus a better tone in the risk-associated universe have prompted the index to surrender part of its gains, finding support just below the 97.00 handle.
Ahead in the week, July’s Retail Sales will be the main event (Thursday), with consensus expecting a monthly expansion of 0.5%.
US Dollar relevant levels
As of writing the index is up 0.10% at 97.26 with the immediate hurdle at 97.59 (high Aug.11) followed by 97.92 (high Aug.10) and then 98.46 (high Apr.21). On the other hand, a break below 96.88 (low Aug.11) would aim for 96.29 (low Jul.27) and finally 95.97 (low Jul.9).