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Dollar index (USDX) stalls ahead of 106.00 today
Yesterday afternoon, an update here noted the potential for the Fed boss to talk tough on US monetary policy and if he did that might push the dollar index higher. Well, that is what Jerome Powell did later and the Dollar index (USDX) did rise further. The index has been flirting with the 106 handle since then, after posting a US close last night at 105.91. The high seen so far today has been set at 105.99. Of course the reaction in the US bond markets has underpinned the US currency, most notably versus the Yen, but the wider dollar is higher too since this time yesterday morning. At the same time, the noted intransigence of the EUR/USD is the main reason why the USD index has not made it above 106 so far today. Indeed, it is just now edging back a little more as the EUR/USD presses to session highs above 1.0675
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