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Dollar index in a tight range so far ahead of US PPI report

The dollar has kept a tight range so far today, as defined by the price action in the USD index (USDX). The price action such as it is, was skewed to the downside for most of the morning. The index has struggled since peaking close to 105 on Wednesday, one day after (104.97 the high then) after the release of the US CPI data. The index has dropped back to a low point seen yesterday afternoon, at 104.18. It rebounded back above 104.40 earlier this morning, but that has been the extent of the recovery so far. The range has been very tight though, with 104.25 to 104.45 covering until now. The US PPI data might provide some direction shortly, but as to which way that is remains to be seen. The index is currently trading around 104.35
 

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