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US data in the spotlight for the dollar index (USDX) this afternoon

There are a few US data releases due out this afternoon. On the assumption there are no revisions to the latest Q3 GDP data, then the latest weekly jobless claims number and Philadelphia Fed business outlook index could hold centre stage, but we shall have to see on that. Irrespective that, and not taking it for granted, the really important and final data release ahead of the Christmas break comes tomorrow. That is the November PCE report and all that will be covered in updates tomorrow. So, ahead of the US data today, the Dollar index (USDX) has fallen back from earlier highs. Yesterday the index fell to a low at 102.15. It then rebounded to just short of 102.50, before later closing at 102.40. The range seen so far this morning has been covered by 102.25 to 102.45. So, as you can see; that 102.50 level has capped the topside again and it has since fallen back to below 102.35. The current range is tight and that is reflected in the price action seen so far in the EUR/USD. However, we should not dismiss the Yen right now in this equation. The dollar will react to any surprises in the US data this afternoon, although such might be curtailed due to the proximity of that PCE data tomorrow 
 

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