USD broadly lower ahead of CPI
“The USD is trading lower against a broader range of currencies this morning but remains at some risk of dropping back a little or at least consolidating the July rebound. My informal rule of thumb holds that it is very rare for developed currency moves to extend (higher or lower) for more than 10-12 sessions on the bounce. The DXY may be running into more significant technical resistance now as its nears resistance around 98.25//30, a small gap that opened on the chart in late June when the USD dipped on Middle East ceasefire talk.”
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