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No rebound for beleaguered dollar index (USDX) yet today

Yesterday the dollar did suffer another relapse and this time it has so far not managed to recover a further fall to around the 103 mark. Ahead of the US ISM report (which was by no means bad at all), the USD index (USDX) traded to just above 103.80. It was not able to take advantage of that better ISM data. As explained here later, that was due to a rise in US bonds dampening yields and thwarting any further gains for the US currency. Personally, I think this does not really add up, but of course the losses in the dollar come ahead of the monthly jobs report due out later today. So, there could have been dollar sales ahead of that event too and as such the price action may yet be reversed later on. We shall have to see on that. Meantime, there has been no bounce for the US currency ahead of the European opening. The USD index is currently trading near session lows, at around 103.00
 

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