Dollar flat as markets await fresh drivers – BBH

Analysts at BBH note that the US Dollar is trading flat on Tuesday as markets await fresh drivers.

 Another hike could be confirmed by US data this week

“DXY is trading flat for the second straight day near 104.067 after it traded at a new high for this move Friday near 104.309.  It remains on track to test the May 31 high near 104.699.”

“The euro is trading flat near $1.0810 after traded at a new low for this move Friday near $1.0765.  It remains on track to test the May low near $1.0635. Sterling is trading flat near $1.26 after it traded at a new low for this move Friday near $1.2560.  It remains on track to test the May low near $1.2310.”

“USD/JPY is trading higher near 146.65 as it probes the upside of its 145-150 trading range.  With the BOJ remaining dovish, we look for an eventual test of 150.  The fundamental story continues to move in favor of the greenback.  Friday’s speech by Powell confirms the Fed’s hawkish stance and we think another hike could be confirmed by U.S. data this week, which is of course dollar positive.”