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15 Aug 2017

US Dollar retreats from highs, back below 94.00

Positive releases from the US docket boosted the demand for the greenback, regaining the 94.00 handle and above when tracked by the US Dollar Index.

US Dollar in 3-week tops

The index managed to test fresh 3-week peaks beyond the critical barrier at 94.00 the figure, levels last traded in late July, after US retail sales came in above expectations during last month. In addition, the regional manufacturing gauge measured by the NY Empire State index also surprised to the upside, all collaborating with the better momentum around the buck.

USD has also found support after NY Fed W.Dudley (permanent voter, hawkish) said in an interview with AP on Monday that he expects another rate hike by the Federal Reserve later this year. In addition, Dudley noted that the Fed should start reducing its balance sheet any time soon.

Yields of the key US 10-year reference rose above the 2.28% level soon after the data releases, also adding extra legs to USD.

US Dollar relevant levels

The index is gaining 0.61% at 93.91 and a break above 94.11 (high Jul.26) would aim for 95.10 (23.6% Fibo of the 2017 drop) and finally 95.29 (55-day sma). On the flip side, the next support lines up at 93.25 (10-day sma) seconded by 92.83 (low Aug.11) and finally 92.39 (2017 low Aug.2).

 

Aug 15, 2017

US: Manufacturers’ & trade inventories estimated at $1,869.3 bln, up 0.5% from May 2017

"Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,869.3
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Aug 15, 2017

US: Consumer demand started the third quarter on a strong footing - Wells Fargo

Analysts from Wells Fargo, point out that today’s Retail Sales report was strong even with weak gasoline sales and consider that consumer demand...
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