Dollar stuck in a narrow range
The US dollar continued to trade volatile within its 92-93 range last week as well. The index surged on Tuesday following the US inflation data release. The US Headline Consumer Price Index (CPI) inflation rose to 5.32 per cent (Year-on-Year) in June from 4.93 per cent in May. The US Core CPI surged to 4.45per cent (YoY) in June from 3.8 per cent in the previous month.
The dollar index rose sharply from near 92 to 92.81 after the data release. But the US Federal Reserve Chairman Jerome Powell’s comment on the policy dragged the dollar index lower again on Wednesday. Powell on his testimony last week reiterated that the central bank has a long way to go for making any changes in its policy.
Dollar, Euro: At key levels
Broadly, the dollar index is continuing (92.71) to oscillate within the 92-93 range over the last couple of weeks. As mentioned last week, a break below 92 will be bearish for the dollar index. Such a break will drag…
