US Dollar Index: DXY bulls take a breather around mid-102.00s as banks, China roil sentiment – by anilpanchal7 DollarIndex RiskAversion RatingAgencies Banks China
the previous day. That said, the DXY seesaws around 102.55 amid the early hours of Wednesday’s Asian session following the biggest daily jump in a week, backed by the sour sentiment.
Greenback cheered its traditional haven status and ignored mixed data at home, as well as the unimpressive comments from the Federal Reserve officials, to rise in the last two days. The key risk catalysts are China’s trade numbers and the global banking woes. That said, China's Trade Balance improves in July but the details suggest deteriorating Imports and Exports for the said month, suggesting the economic challenges for the Dragon Nation which already suffers from geopolitical woes. On the same line, India bans drone makers from using Chinese equipment after stopping the imported laptops and computers previously.
Elsewhere, concerns about rating giant Moody’s downgrading to nine United States banks joined Fitch Ratings’ downgrading of cutting the credit rating and warning about the outlook of a few US financial institutions renewed banking fears.
If we observe the data at home, US Goods and Services Trade Balance for June came in at $-65.5B versus the $-65B expected and $-68.3B prior whereas the NFIB Optimism Index for July improved to 91.9, the highest in nine months, from 91.0 previous readings and 90.6 market forecasts. Further, US IBD/TIPP Economic Optimism for August eases to 40.3 from 43.0 market forecasts and 41.3 prior whereas Wholesale Inventories for June dropped to -0.5% versus the analysts’ estimations of reprinting the -0.
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