US Dollar Index: DXY traces firmer yields past 103.00 on hawkish Fed bets, China fears ahead of US data – by anilpanchal7 DollarIndex Fed China RiskAversion Macroeconomics
In doing so, the US Dollar Index stays on the front foot after posting a three-day winning streak, mainly backed by the hawkish Federal Reserve concerns and Chine-inflicted fears, while ignoring the softer US data.
Elsewhere, downbeat prints of China’s Caixin Services PMI for June, to 53.9 versus 57.1 prior, joined the escalating fears of the US-China tussle amid fresh warnings of further trade restrictions from Beijing to weigh on the sentiment and fuel the DXY. That said, China’s Global Times and former Vice Commerce Minister flagged hardships for the US IT companies, as well as metal players.
Apart from what’s mentioned above, a Reuters poll of 80 FX strategists for the US Dollar also underpins a bullish bias for the greenback. That said, the survey of thestrategists cites the hopes of further DXY run-up on resilient US economy. The poll also hints at receding US Dollar short positions while quoting the data from the Commodity Futures Trading Commission to also favor the US Dollar Index bulls.
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