US Dollar sinks across the board even with China exports shrinking DollarIndex Macroeconomics UnitedStates SEO
the Greenback lost substantial ground against all G10 currencies with notable losses against the Japanese Yen extending over 1%. On Thursday, the US Dollar was down nearly 1% against the Australian Dollar and the New Zealand Dollar . The US Dollar Index has been unable to catch a breath and is again on the back foot nearing the all important 100.00 line in the sand.
Some mild data to start at 11:00 GMT with the Mortgage Bankers Association issuing the Mortgage Applications for the first week of July. Equities across the globe saw a big push into risk assets as the safe haven Greenback retreated. Japans’ Topix index rose 1% at its closing bell, while the Chinese Hang Seng is up over 2.50%. European equities are mildly halfway through European trading while US equity futures are pointing to a nice 0.50% opening overall.
On the upside, look for 102.77 to provide resistance at the 55-day Simple Moving Average that will partially re-gain its importance after having been chopped up that much a few weeks ago. Only a few inches above the 55-day SMA, the 100-day SMA comes in at 102.88 and could create a firm area of resistance in between both moving averages. In case the DXY made its way through that region, the high of July at 103.57 will be the level to watch for a further breakout.
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