U.S. Dollar Index remains under pressure as traders react to Dallas Fed Manufacturing Index report. The report indicated that Dallas Fed Manufacturing Index increased from -15.3 in May to -12.7 in June, compared to analyst consensus of -10. From a big picture point of view, traders stay focused on dovish Fed policy outlook and Trump’s desire to name Powell’s successor by September.
The nearest support level for U.S. Dollar Index is located in the 96.70 – 96.90 range. A move below the 96.70 level will push U.S. Dollar Index towards the next support, which is located in the 95.40 – 95.60 range.
USD/CAD pulled back as demand for commodity-related currencies increased despite the pullback in the oil markets.
If USD/CAD moves below the 1.3600 level, it will head towards the next support level at 1.3550 – 1.3565.
