The US Dollar (USD) weakens on Tuesday morning, with the Greenback retreating in full against almost every major G10-peer. On Monday, the US Dollar se
Patience is a virtue though, certainly in financial markets and trading. Traders that remained disciplined on Monday and Tuesday can get some clarity on what to do next as two of Fed speakers are to hit the wires. Some additional economic data points are due as well, namely Redbook, US Existing Home Sales and the Richmond Fed Manufacturing Index. These data could confirm the current retreat inThe US Redbook Index will be released at 12:55 GMT. The previous number was 0.7%.
Michelle Bowman from the Fed will take the stage at around 18:30 GMT. Austan Goolsbee from the Federal Reserve bank of Chicago is set to speak around that same time. Any headlines might give an insight or prelude on what to expect from US Fed Chairman Jerome Powell on Friday. The CME Group FedWatch Tool shows that markets are pricing in an 85.5% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September.
On the downside, several floors are likely to prevent a steep decline in the DXY. The first one is the 200-day Simple Moving Average at 103.19, which already got broken this Tuesday morning. Passing below the 103.00 figure, some room opens up for a further drop. However, around 102.38 both the 55-day and the 100-day SMAs await to catch any falling knives.
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