There are reports that U.S. President Donald Trump is considering removing the US Commerce Secretary Wilbur Ross, amid worries on how trade negotiations develops.
The US dollar currency index looks unfazed by the news and trades 0.05 higher at 96.77. DXY short term momentum is bearish as it holds below all the hourly moving averages. Bears are in control below the 70 mark. On the downside immediate support stands at 96.25 the low from July 1st while more bids will emerge at 95.87 low. On the upside resistance stands at 97.10 the 100 day moving average, and then at 97.21 the 50 day moving average. USD is under pressure as we approach the Fed’s next policy meeting in the end of July, and investors are expecting a 25 basis point cut. EURUSD is trading close to daily high at 1.1280, while the USDJPY gives up 0.41 percent at 107.84.Don’t miss a beat! Follow us on Twitter.