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US Dollar in fresh YTD lows near 95.00 on poor CPI

The US Dollar Index (DXY), which tracks the buck vs. a basket of its main rivals, recorded fresh lows in the 95.00 neighbourhood soon after the results from the US docket today.


US Dollar under pressure near 95.00


The index met considerable selling pressure after both inflation figures gauged by the CPI and retail sales have missed expectations in June, dragging the greenback to levels last seen in September 2016 in the 95.00 area.


Horrible prints from the CPI added further concerns over the ability of the Federal Reserve to deliver an extra hike at some point in the next months (December was the most likely candidate), with the probability of such scenario at levels below 50% according to CME Group’s FedWatch tool. In the same line, yields of the US 10-year reference have plummeted to sub-2.28%, recording fresh 2-week lows.


Later in the session, capacity utilization, industrial and manufacturing production and the July’s advanced consumer sentiment are all expected as well.


US Dollar relevant levels


The index is losing 0.51% at 95.07 and a breach of 95.01 (2017 low Jul.14) would open the door to 95.22 (2017 low Jun.30) and then 94.95 (low Sep.22 2016). On the upside, the next up barrier emerges at 95.71 (10-day sma) seconded by 96.25 (high Jul.5) and finally 96.32 (high Jun.28).

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