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Dollar index (USDX) looking for any clues from US data later today

The dollar index is above its most recent lows, that has seen it fall to below 104 this week (103.98 the low). The index is battling hard to win back ground, but as yet the recovery to as high as 104.55 earlier today seems more corrective than it does dynamic. The index closed last night at 104.30. It is off those earlier session highs right now and further traction will clearly require that it continues to hold onto that 104 handle. Right now the dollar is in need of inspiration in the wider sense and some indication that the latest US CPI data might not be a game changer in terms of Fed monetary policy. So, we have some tier 2 economic releases due out later today which might help that dynamic, but at the same time not certain to either. We have weekly jobless claims and Philadelphia Fed index at 1.30pm GMT followed by less important industrial and manufacturing production at 2.15pm GMT. It is unlikely that any of that lot will shift the dial though and right now the FX markets continue to look across to the US Bond markets for direction in the short term. The USD index is just now trading at 104.40 
 

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