USD traded higher troughout yesterday’s session but the US Dollar index (DXY) failed a few pips ahead of 95.00 levels. We now see it pull back a little and trading 94.74 levels, this lack of conviction in any direction is attributable to the current wait and see mode ahead of Yellen’s speach at the Jackson Hole symposium tomorrow.
Higher USD levels did not help oil prices yesterday as we saw the commodity’s price head lower as well.
USDJPY has converged around 100 levels and the EURUSD has similarly converged around 1.1270 levels as we speak.
The mood was negative yesterday at US close, although as we noted yesterday losses remained mostly in check as we approach Yellen and as we lack the necessary data to significantly move the markets.
Asia continued to build on the negative US handover this morning, as we see that the major indices are heading south at the time of writing.
Later in today’s economic docket we are expecting German IFO data, and US Durable goods orders and Service PMIs
