US Dollar (DXY) Soft Ahead of US Durable Goods Data

US Dollar (DXY) Soft Ahead of US Durable Goods Data


US Dollar News: USD Price Analysis and Charts.

  • US dollar strength fades as US durable goods data nears.
  • US release expected to be weak, but data set can be volatile.

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US Dollar (DXY) Fades Recent Rally

The greenback’s next move will be likely predicated by upcoming US durable goods data with the volatile release at 12.30 GMT expected to show a sharp downturn from last month’s multi-month high. Expectations center around -2.0% against +2.6% in the prior month, a wide spread that leaves room for the US dollar to move higher if expectations are beaten to the upside. All this ahead of a long weekend which may add extra volatility to any beat or miss.

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The US dollar index fell sharply Thursday after US PMIs missed expectations and hit multi-year lows with the manufacturing reading of 50.6 – expectations 52.5 and prior 52.6 – just above the expansion/contraction level of 50 and highlighting the weakest pace of manufacturing expansion since September 2009. The DXY has retraced out of oversold territory, and from its highest level in two-years, but will need a strong beat to re-test Thursday’s 97.88 print.

US Dollar (DXY)Daily Price Chart (August 2018 – May 24, 2019)

US Dollar (DXY) Soft Ahead of US Durable Goods Data

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— Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1



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