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Dollar index (USDX) fails to drive home its relative advantage
US yields rose again on Friday and initially that helped to lift the dollar index (USDX). The index rose smartly after the latest US PPI report showed prices rising faster than forecasts. The dollar rose from an earlier session low at 104.25, to 104.67. However, that was the extent of it and the dollar later fell back after the European close, setting a new low on the day, at 104.16. It later closed the week at 104.27. The take away from that; is the failure to rise above 105 all last week did belie the rise in US bond yields and that was surely not a positive dynamic for the US currency. So far today, the dollar has edged lower and that is mostly due on this occasion to the USD/JPY dipping below 150 and a modest rise in the GBP/USD. So, the USD index has fallen back below the lows seen on Friday, to a low so far at 104.14
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