[MARKET ANALYSIS] DXY slightly softer as extended long positions limit the upside in the USD

Newsquawk Staff · 9 Jul 2026, 03:24 UTC

DXY continues to trade on the softer side, trading at the lower end of its 100.94-101.04 range. Price action on Wednesday was puzzling, with the index closing lower despite the higher energy prices. With the most recent CFTC figures showing aggregate dollar long increasing to its highest amount in over a decade, further upside in the USD may be limited.
EUR and GBP trade rangebound in their respective 1.1417-1.1430 and 1.3386-1.3404 range. A light docket ahead for both regions, with the EUR just awaiting June’s ECB minutes.
USD/JPY slips below the 162.50 handle and finds resistance at the key level. JPY is the weakest currency on a weekly timeframe, and without any intervention by the MoF or hikes by the BoJ, further weakness is set to continue.
Antipodeans mixed, with the Kiwi the clear G10 outperformer as gains continues following the RBNZ rate hike on Wednesday.
CNH is slightly firmer against the dollar, despite a broadly cooler inflation print. Headline inflation Y/Y printed at 1.0% (exp. 1.1%, prev. 1.2%). However, as expected, PPI continued to accelerate as it rose to 4.1% from 3.9%

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US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".
Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

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Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

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