The DXY Holds the Range Ahead of Retail Sales
The US dollar has stabilized in the range it has established between 106.13 and 107.20. We are sitting in the mid 106's at the time of this writing. The market is likely awaiting retail sales data at 8:30AM EST before making a significant move. If numbers come in soft, then this could dampen the Fed's hawkish stance. We are still anticipating a 50% bps hike in September, and this has already been priced in, but a weaker forward guidance may weaken the DXY. Expect support at 106.13 then 105.78 and 105.25.
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