The US Dollar Index (DXY), which gauges the greenback vs. a bundle of its main rivals, is trading with marginals gains near the 97.80 region.
The bearish move in the index met decent contention in the 97.60 region on Tuesday, where sits the critical 200-day SMA.
The noticeable correction lower in the buck following last week’s tops beyond 98.50 was in tandem with the resurgence of concerns on the US-China trade front, particularly after President Trump hinted at the likeliness that a deal could well wait until after the 2020 US elections.
In the same line, President Trump criticized once again the Fed’s policy after complaining about the (according to his view) strong dollar.
On Wednesday’s calendar, the ADP will report on the job creation by the US private sector during last month, while the ISM will release its non-manufacturing gauge for the same period ahead of the EIA’s weekly figures for US crude oil supplies. In addition, FOMC’s R.Quarles (permanent voter, centrist) will speak on Supervision and Regulation to the Congress.
Source : FX Street