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Dollar holds near 100.70 as mixed US data caps upside

DXY steadied near 100.70 after June housing starts and confidence rose, while building permits fell and industrial production missed expectations.

Reported · Written up by our desk · Major Pairs

The US Dollar Index, or DXY, traded nearly unchanged around 100.70 on Friday after giving back part of an earlier advance, according to FXStreet. The greenback had brief support from stronger US housing starts and consumer confidence, but a rebound was limited by weaker building permits and softer industrial production data.

Housing starts climbed to an annualized 1.43 million in June, beating expectations for 1.31 million, but the gain was largely driven by multifamily construction while single-family homebuilding declined for a third straight month, FXStreet reported. Building permits fell to 1.37 million, below the 1.40 million forecast and the prior 1.41 million.

Industrial production rose only 0.1% month over month, missing expectations for a 0.2% increase, while manufacturing output was unchanged. The preliminary University of Michigan Consumer Sentiment Index improved to 54.4 in July, and one-year inflation expectations eased to 4.2% from 4.6%, with the five-year measure staying at 3.3%.

FXStreet also noted Cleveland Fed President Beth Hammack said businesses believe action is needed to curb inflation and that price pressure remains broad based, while acknowledging solid growth and stable consumer spending. Technical levels highlighted DXY hovering near nearby support around 100.73, with resistance clustered near 100.80 to 100.86 and a larger barrier near the 100-period simple moving average at 101.03.

Latest closeDollar index 100.71 ▲0.2%

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