USD Index extends the decline and challenges 103.00

The greenback, in terms of the USD Index (DXY), grinds lower and puts the 103.00 region to the test on turnaround Tuesday. USD Index looks at Fedspeak

Fedspeak, housing data will take centre stage later on Tuesday., grinds lower and puts the 103.00 region to the test on turnaround Tuesday.The index grinds lower and flirts with the key 200-day SMA in the 103.20/15 band amidst further improvement in the risk complex during the first half of the week.

In the meantime, market participants maintain a cautious trade ahead of the imminent Jackson Hole Symposium and Chief Powell’s speech , where consensus expects his message to fall in line with the latest FOMC meeting on July 26. Manufacturing Index and speeches by Richmond Fed T. Barkin , FOMC Governor M. Bowman , and Chicago Fed A. Goolsbee .The index appears to have entered a corrective phase after hitting new highs around 103.70 last week.

Furthermore, the idea that the dollar could face headwinds in response to the data-dependent stance from the Fed against the current backdrop of persistent disinflation and cooling of the labour market appears to be losing traction as of late.

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