FXStreet (Edinburgh) – The greenback, in terms of the US Dollar Index, has now given away initial gains and it has returned to the negative ground around 96.80/85.
US Dollar unmotivated by US CPI
July’s consumer prices in the US economy failed to ignite a positive reaction in the dollar, keeping the index within the recent range ahead of the FOMC minutes due later.
US inflation figures showed core prices advancing 1.8% on a yearly basis and headline prices gaining 0.2% YoY. The FOMC minutes are due next, with market participants looking for any clues regarding the likeliness of a Fed’s rate hike in September.
US Dollar relevant levels
As of writing the index is down 0.17% at 96.87 facing the immediate support at 95.92 (low Aug.12) ahead of 95.63 (low Jul.13) and finally 95.46 (low Jul.10). On the upside, a breakout of 97.33 (high Aug.12) would aim for 97.59 (high Aug.11) and then 97.92 (high Aug.10).
(Market News Provided by FXstreet)