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Dollar index slips as investors temper near-term Fed hike bets

JOLTS job openings fell to 7.4 million in June and factory orders contracted 0.3%, undercutting support for the greenback.

Reported · Written up by our desk · Major Pairs

The US Dollar Index, DXY, edged lower for a second straight session as it failed to hold above 100.0 earlier in the week, trading around 99.84.

FXStreet attributed the softness to improved sentiment tied to hopes for a negotiated end to the Iran war, alongside a drop in oil prices that led investors to dial down expectations for immediate Federal Reserve rate hikes.

Recent US data also weighed on the dollar. JOLTS job openings declined to 7.359 million in June, below the 7.4 million expected, and factory orders fell 0.3% in June after a 1.3% decline in May.

Technically, bears are focused on a retest of the June 15 lows near 99.38 and the nearby 200-day simple moving average around 99.20, with a break below those levels seen as potentially drawing attention to late May lows near 98.75 and a bottom area around 97.6.

Latest closeDollar index 99.88 ▼0.1%

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