- The dollar sails in a hesitant range near minimum of two days.
- The US treasure yields extend their fall along the curve.
- The secretary of the US Treasury Besent does not see the need for Powell to resign now.
The dollar, when tracking through the US dollar index (DXY), alternates profits and losses at the lower end of the weekly range below the 98.00 support in the midst of another day of generalized weakness in US yields.
The approach remains in Trump-Powell, commerce
In fact, the US dollar operates without a clear direction on Tuesday of trend change in the middle of a generalized calm front in the currency galaxy while investors expect any indication of movement in discussions before the deadline of August 1, which could mean high tariffs for US business partners who fail to reach agreements.
The commercial issue remains a challenge, since reaching an agreement between the US and the European Union (EU) is difficult, and the EU could face 30% tariffs from August 1. It is worth remembering that the EU officials indicated on Monday that they were considering a broader range of possible countermeasures, since the possibilities of an agreement were becoming worse.
Returning to Trump and Powell, US Treasury Secretary, Scott Besent, argued previously that President Jerome Powell does not need to leave his post at this time, adding that Powell’s legacy should focus on addressing the non -monetary tasks of the Central Bank.
What follows?
On the US Agenda, the Richmond Fed manufacturing index is expected later, before the API weekly report on US oil reserves.
What about the technicians?
Once the minimum of several years is exceeded in 96.37 (July 1), the DXY could try a movement towards the base of February 2022 in 95.13 (February 4), before the base of 2022 of 94.62 (January 14). On the opposite side, the first resistance arises in the maximum of June 99.42 (June 23), which seems to be supported by the proximity of the provisional SMA of 55 days. The weekly maximum of 100.54 (May 29) comes next, before May 101.97 (May 12). Meanwhile, the index seems prepared to continue its negative tendency as long as it remains below the 200 -day SMA in 103.49. In addition, impulse indicators continue to show a negative bias. The relative force index (RSI) is around level 47, while the average directional index (ADX) about 11 indicates a lack of strength in the trend.
American dollar today
The lower table shows the percentage of US dollar change (USD) compared to the main coins today. US dollar was the strongest currency in front of the euro.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.06% | -0.38% | -0.05% | -0.01% | 0.04% | 0.01% | |
| EUR | -0.07% | 0.00% | -0.43% | -0.10% | -0.09% | 0.05% | -0.04% | |
| GBP | -0.06% | -0.01% | -0.46% | -0.10% | -0.09% | -0.02% | -0.04% | |
| JPY | 0.38% | 0.43% | 0.46% | 0.34% | 0.35% | 0.49% | 0.32% | |
| CAD | 0.05% | 0.10% | 0.10% | -0.34% | 0.01% | 0.11% | 0.06% | |
| Aud | 0.00% | 0.09% | 0.09% | -0.35% | -0.01% | 0.09% | -0.00% | |
| NZD | -0.04% | -0.05% | 0.02% | -0.49% | -0.11% | -0.09% | -0.09% | |
| CHF | -0.01% | 0.04% | 0.04% | -0.32% | -0.06% | 0.00% | 0.09% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the US dollar of the left column and move along the horizontal line to the Japanese yen, the percentage change shown in the box will represent the USD (base)/JPY (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
