US Dollar recovers from PMI-related losses

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The US Dollar is trying to recover after trading firmly in the red on Tuesday due to a miss on the US Purchasing Managers Index (PMI) for both the Services and Manufacturing sectors. The US Dollar Index is heading back to 106.00 ahead of US Durable Goods data. The US Gross Domestic Product (GDP) data on Thursday and the US Personal Consumption Expenditures (PCE) Price Index release on Friday will drive the next moves for the US Dollar. Durable Goods Orders data are due to be released, and after the PMIs disappointment, more downbeat numbers could extend doubts over the US exceptionalism. The benchmark 10-year US Treasury Note trades around 4.62%, near the low for this week. The US Dollar Index's recent rally broadly comes from the staggering US economy, which has been relentlessly printing positive economic numbers. On the upside, first 105.88 needs to be recovered again before targeting the high of April 16 at 106.52. On the downside, 105.12 and 104.60 should also act as support ahead of the 55-day and the 200-day Simple Moving Averages (SMAs) at 104.35 and 104.05, respectively.

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