The Dollar Index has spent Thursday building a floor just above 98.50 and defending it with everything the calendar had to offer, and the entire effort is worth roughly a tenth of a point. A five-year high in Philadelphia manufacturing, a jobless claims beat and a hawkish regional Fed voice have between them lifted the index 0.12% off a base last visited in the middle of May. The floor is real enough. What built it will not hold it.
The best data the Dollar could have asked for
The session low just above 98.50 printed in the London morning, hours before a single release, and the recovery off it was already underway when the 12:30 GMT block…
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