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Dollar index (USDX) on session lows as US CPI data looms
The June US CPI report will shortly be released, at 12.30pm GMT and ahead of this the dollar has not managed to recover really at all today. The GBP/USD is camped near session highs just now and the EUR/USD is in a similar position. The USD/JPY is holding up best of all three in relative terms, but that is to be expected these days. The upshot of all this, is the dollar index (USDX) is close to session lows today. The index stalled above 105 yesterday and later closed in the US at 105.04. It has fallen back to a low at 104.80 just now and could ideally do with a higher than forecast CPI number. If it does not get that, then a break below 104.75 could soon unfold this afternoon.
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