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USD Index Rally Falls Just Short Of July/Cycle Highs

LATAM
  • The USD Index briefly printed a new August high in early European hours, putting the gauge at 109.27 before fading. The mid-July highs of 109.294 remain the cycle high for now, and a break above would put the USD at its strongest since 2002.
  • The EUR continued its descent overnight, with EUR/USD briefly printing 0.9901 before slightly firmer than expected German manufacturing PMI shored up the rate ahead of the NY crossover. The pair has failed to trade back above yesterday’s breakdown point of 0.9952 and remains the short-term level of note on the topside.
  • US prelim August PMI data takes focus going forward, expected to slow to 51.8 from 52.2 in July. Richmond Fed manufacturing also crosses as well as new home sales for July. Nonetheless, focus remains elsewhere, with the beginning of the Jackson Hole policy symposium later this week - and Fed's Powell speaking on Friday. Argentina economic activity highlights the LatAm docket.
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