The US Dollar partly retraces its steps after its decline on Tuesday. Markets are starting to brush off the miss on US PMI data. The US Dollar Index heads back to 106.00 ahead of US Durable Goods data. The US Dollar is trying to recover on Wednesday after trading firmly in the red on Tuesday. The miss on the US Purchasing Managers Index for both the Services and Manufacturing sectors triggered a sell-off which extended to Wednesday’s Asian trading session.
Markets will want to await further confirmation in the data points from this week and possibly even next week before heading back to pricing in a rate cut for June. On the upside, first 105.88 needs to be recovered again before targeting the high of April 16 at 106.52. Further up and above the 107.00 round level, the DXY Index could meet resistance at 107.35, the October 3 high. On the downside, 105.12 and 104.
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