U.S. Dollar Near 6 Week LowPosted 09/17/2018 10:56AM CT |
The US dollar is trading near the 6-week low following last week’s soft CPI and PPI results as well as an impending tariff announcement on an additional $200 billion of Chinese goods. The US dollar has not garnered any safe haven support from these ongoing trade tensions as the Chinese are reported to be considering boycotting further negotiations. The Fed has penciled in a rate hike for next week’s meeting with the language providing insight into further rate hikes. The Euro has climbed to a near two week high following ECB’s Draghi’s positive sentiment on Euro zone economic prospects despite soft inflation readings. This along with an increase in the Italian trade surplus in the overnight has provided support. Technically, the US dollar remains bullish trend with near term resistance seen around 94.40.
U.S. Dollar Index Dec ’18 Daily Chart