US Greenback (USD) fell in a single day as US PPI information underwhelmed. DXY was final at 98.32 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong observe.
Each day momentum is delicate bearish bias
“However USD rebounded this morning, alongside different safe-haven proxies, together with CHF, JPY and gold on geopolitical escalation. Israel assaults on Iran additionally noticed >10% leap in brent. “
“Not surprisingly, threat proxies together with AUD and KRW traded on the backfoot. Iran has indicated that they’ll reply ‘harshly’. Geopolitical noises could briefly distort the USD downtrend and briefly weigh on threat proxies particularly heading into the weekend.”
“Each day momentum is delicate bearish bias whereas RSI exhibits indicators of rising from close to oversold situations. Help at 97.60 (in a single day low). Resistance at 99.30 (21 DMA), 99.80 ranges (50 DMA).”
