25 Mar 2015
DXY struggles above 97.00
FXStreet (Edinburgh) - The US Dollar Index, which measures the greenback vs. its main competitors, has resumed its weekly decline today albeit it keeps the trade above the 97.00 mark.
DXY depressed by data
While market participants keep adjusting to the FOMC updates, the dollar is looking to consolidate the drop from recent peaks around the 97.00 handle. Disappointing results from February’s Durable Goods Orders in the US economy intensified the selling pressure today, although the index managed to bounce off session lows.
Looking to Thursday’s docket, Initial Claims and Markit’s PMI are due along with speeches by Fed’s Bullard and Lockhart.
DXY levels to consider
The index is now retreating 0.29% at 97.15 with the next support at 96.41 (low Mar.18) ahead of 96.30 (low Mar.6) and finally 95.84 (low Mar.5). On the upside, a breakout of 98.23 (high Mar.23) would aim for 99.11 (high Mar.20) and then 99.46 (high Mar.19).
DXY depressed by data
While market participants keep adjusting to the FOMC updates, the dollar is looking to consolidate the drop from recent peaks around the 97.00 handle. Disappointing results from February’s Durable Goods Orders in the US economy intensified the selling pressure today, although the index managed to bounce off session lows.
Looking to Thursday’s docket, Initial Claims and Markit’s PMI are due along with speeches by Fed’s Bullard and Lockhart.
DXY levels to consider
The index is now retreating 0.29% at 97.15 with the next support at 96.41 (low Mar.18) ahead of 96.30 (low Mar.6) and finally 95.84 (low Mar.5). On the upside, a breakout of 98.23 (high Mar.23) would aim for 99.11 (high Mar.20) and then 99.46 (high Mar.19).