US Greenback (USD) traded a contact softer this morning. DXY was final at 98.29 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong word.
Bullish momentum exhibits indicators of fading
“Trump’s nomination of Stephen Miran was the most recent issue that weighed on USD although there have been chatters that Miran might not be confirmed earlier than Sep FOMC. Whereas his tenure is short-term, his dovish presence should still affect the votes at upcoming FOMCs. There are 3 extra FOMC conferences in September, October and December this 12 months.”
“Understandably, a number of officers, together with the two dissenters Bowman, Waller in addition to presumably Lisa Prepare dinner, Goolsbee (judging from their latest Fedspeaks) might have already got tilted dovish. US CPI report will probably be carefully scrutinised this week. Softer than anticipated print might weigh on USD.”
“Bullish momentum on day by day chart exhibits indicators of fading whereas RSI fell. Assist right here at 98 ranges, 97.20. Resistance at 99.50 (100 DMA), 100.50 ranges.”
