Free Trial

DXY last trades at 97.38, 13 pips higher,....>

DOLLAR
DOLLAR: DXY last trades at 97.38, 13 pips higher, with the greenback sitting
atop the G10 pile. WTI holds steady, while gold has shed ~$6.7. BBG cited FX
traders as attributing greenback strength to EUR/USD sales stemming from macro
positioning ahead of Wednesday's ECB MonPol decision.
- Bulls need to clear the nearby Jul 16 & 17 highs, both at 97.44, before
attempting a move at 97.58, which represents the 23.6% retracement of the YtD
range & the high of Jun 14. Bears look for a retreat below the 100-DMA/50-DMA at
97.19/18.
- Democrats and Republicans have struck a deal re: the debt ceiling, which now
requires formal approval by the Congress. Elsewhere, President Trump has signed
off on timely licencing decisions surrounding sales to Huawei.
- Ex-Fed off'l Wilcox told MNI that the Fed should make up for periods of low
inflation by encouraging high inflation later, abandoning its policy of "letting
bygones be bygones."
- U.S. focus today turns to existing home sales. The Fed is in its blackout
period ahead of their policy meeting scheduled for next week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.