US Dollar trades sideways as traders keep powder dry ahead of CPI release

The US Dollar (USD) trades mixed on Tuesday, extending Monday’s little moves, with one single pattern that stands out on the quote board. The hurted carry and high-beta trades that were on the fence last week are currently outperforming against the

The US Dollar trades broadly unchanged ahead of PPI numbers for July. Carry and high-beta currencies are pushing back against the US Dollar. The US Dollar index remains glued to the 103.18 pivotal level. The US Dollar trades mixed on Tuesday, extending Monday’s little moves, with one single pattern that stands out on the quote board.

Still, the first level to recover, which gains importance every day, is 103.18, a level held on August 2 though snapped on August 5 in the Asian hours. Once the DXY closes above that level, next up is 104.00, which was the support from June. If the DXY can return above that level, the 200-day Simple Moving Average at 104.15 is the next resistance to look out for.

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