U.S. Dollar Index retreats as traders focus on inflation data. Inflation Rate remained unchanged at 2.7% in July, compared to analyst forecast of 2.8%. Core Inflation Rate increased from 2.9% to 3.1%, compared to analyst consensus of 3.0%.
Currently, U.S. Dollar Index is trying to settle below the support at 98.00 – 98.20. In case this attempt is successful, U.S. Dollar Index will head towards the next support, which is located in the 97.10 – 97.30 range.
USD/CAD is losing ground amid rising demand for commodity-related currencies.
A move below the support at 1.3735 – 1.3750 will open the way to the test of the next support level at 1.3585 – 1.3600.
