US Dollar Price, News and Analysis:
- US dollar (DXY) graph remains positive.
- U.S. retail and mood data rounds the week.
The US dollar basket (DXY) continues to have a higher edge, which is partly helped by a slightly weaker one Euro, and is now in the range of 92.77 to 92.84 between recent peaks, despite federal board chairman Jerome Powell’s dovist rhetoric. Powell continues to look at the recent rise in US price pressures – core inflation was 4.5% this week – believing that the current inflation trend is temporary in nature and will soon subside. At the end of the session, U.S. retail data will be released in May (13:30 BST) before the latest mood at the University of Michigan crosses the screens at 15:00 GMT. Overall consumer sentiment is expected to move higher – 86.5 vs. 85.5 in June – while all gazes are also focused on two readings of inflation expectations to see how American households view current and future US inflation trends.
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The US dollar basket continues to move upwards in the uptrend of the short-term channel, the support line has repeated tests so far. All three simple moving averages are now in ascending form, with a shorter date of 20-dsma providing additional support over the past week. In order for DXY to continue this step, the aforementioned high value of 92.84 must be definitively broken, leaving the highest target of 93.48 on 31 March as the next target.
US Dollar Cart (DXY) Daily Price Chart (November 2020 – July 16, 2021)
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