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.
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)
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--- Written by Nick Cawley, Market Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.