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Dollar index (USDX) below 105 this morning

The dollar did not fare too well yesterday. The EUR/USD held its gains above 1.0800 into the US close and the Pound lifted closer to the 1.26 handle. In fact both pairs successfully set daily closes well above their respective 200 day moving averages. The USD/JPY balked at any prospect of extended its rebound gains above 157 and that pair is lower right now, but more on that in another update. So, the upshot of all these moves has pushed the USD index (USDX) lower. It did just manage to avoid a daily close below the 1.05 handle though, ending the US session at 105.01. However, it is edging lower this morning, taking it closer to the first technical support level, at 104.77 (50 day moving average). The dollar will be very much front and centre in any reaction to the all important US CPI data later today.  There is no doubt that the dollar is under a degree of downside pressure since this time yesterday and that CPI data will probably dictate, whether that continues or not. The Dollar index is just now trading at 104.94 
 

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