DXY 260724 4h Chart
U.S. Dollar Index is losing some ground as traders react to PCE Price Index report, which showed that PCE Prce Index increased by 0.1% month-over-month in June. Core PCE Price Index grew by 0.2%, exceeding analyst forecast of +0.1%. Personal Income increased by 0.2% on a month-over-month basis, while Personal Spending grew by 0.3%. Today, traders also had a chance to take a look at the final reading of Michigan Consumer Sentiment report. The report showed that Consumer Sentiment declined from 68.2 in June to 66.4 in July, compared to analyst consensus of 66.
If U.S. Dollar Index settles below the 50 MA at 104.24, it will head towards the nearest significant support level, which is located in the 103.50 – 103.75 range.
