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Dollar rally stalls at the trend line hurdle, retreats from one-month high

Dollar rally stalls at the trend line hurdle, retreats from one-month high

Dollar Index [DXY] was rejected at the resistance offered by the trend line sloping downwards from the April 10 high and May 11 high.

The index retreated from the one-month high of 93.67 to trade around 93.20 levels. For the week, the dollar index has gained 1.1 percent, putting it on track for its biggest weekly gain since December.

The greenback has been boosted by renewed hopes for US tax reforms, as well as hawkish comments from Federal Reserve Chair Janet Yellen.

The decline from the one-month high of 93.67 is mostly due to traders taking profits ahead of the quarter end book closing.

The focus today is on the release of the US personal consumption expenditure (PCE), personal spending and personal income report. A higher-than-expected core PCE inflation figure could boost the US dollar

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