US Dollar Index: DXY slides to 104.00 as voting on US debt ceiling deal, key data loom – by anilpanchal7 DollarIndex RiskAppetite Fed Politics Employment
Mixed US data, positioning for key catalysts allowed DXY bulls to retreat.US Dollar Index renews its intraday low near 104.00 while keeping the previous day’s pullback from a multi-day top amid early Wednesday. In doing so, the greenback’s gauge versus six major currencies drop for the second consecutive day after reversing from the highest levels since mid-May, as well as snapping the five-day uptrend on Tuesday.
Talking about the data, the US Conference Board's Consumer Confidence Index edged lower to 102.30 for May from an upwardly revised 103.70 prior marked in April . Additional details of the survey report mentioned that the one-year consumer inflation expectations ticked down to 6.1% in May from 6.2% in April. Further, the Dallas Fed Manufacturing Business Index for May dropped to -29.1 from -23.4 and versus -19.6 market expectations.
Elsewhere, US Republicans like Chip Roy and Ralph Norman showed readiness to turn down the US debt ceiling agreement but softer US data put a floor under the risk-off mood.Although the DXY is likely to remain pressured ahead of the key data/events, a positive outcome of the Senate’s voting on the measures to avoid US default, which is very much likely, can keep the greenback buyers in the driver’s seat.
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