The US Dollar (USD) is becoming a minefield as the clear picture for the Greenback is becoming very tainted. The visit from US President Joe Biden in
The Greenback sees yields pushing higher, with T-notes near 5%. Investors focus on Fed Chairman Jerome Powell’s speech later on Thursday. The US Dollar Index looks broken with no clear sense of direction. Israel has not played out as the White House wanted to, with an in person meeting with the Jordan Crown Prince Abdullah II bin Al-Hussein cancelled just hours before the US President touched ground in Tel Aviv.
The US Dollar Index is starting to float, not really breaking out in any upside or downside sense. The fact that the US 10-year rates are starting to hit 5% is a sign on the wall, as often 5% accounts as a psychological barrier where an economy might start to struggle to meet up with its funding needs. A bounce above the daily trendline from July 18 might still materialise, although this level is starting to slip further away. On the topside, 107.19 is an important level to reach.
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