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

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

2019-05-24 11:08:00
Nick Cawley, Analyst
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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.

DailyFX Q2 Forecasts and Top 2019 Trading Opportunities.

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.

The DailyFX Calendaris a comprehensive guide to all market moving data releases and events.

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

IG Client Sentimentshows how retail traders are positioned in a wide range of asset classes and how daily and weekly sentiment changes can help drive momentum.

--- Written by Nick Cawley, Market Analyst

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

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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