29 Apr 2015
DXY returns near 95.00
FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main competitors, is sharply lower on Wednesday, now bouncing off session lows around 94.80.
DXY hurt by poor US data
The miserable US results continue to take a toll on the US dollar. This time the first estimate of the GDP Annualized for the first quarter showed the economy grew less than expected 0.2% vs. 1.0% forecasted. The positive news came from the better-than-expected Pending Home Sales, gaining 1.1% on a monthly basis in March.
Ahead in the session, the greenback still needs to face the biggest risk event of the week: the FOMC meeting. Consensus seems to be poised for a more USD-friendly tone from the statement, with the Committee emphasizing that the recent weakness in domestic economic indicators would be temporary.
DXY relevant levels
The index is now retreating 1.17% at 94.96 with the immediate support at 94.75 (low Apr.29) followed by 94.06 (low Feb.26) and then 93.80 (low Feb.17). On the other hand, a surpass of 97.55 (high Apr.24) would open the door to 98.66 (high Mar.31) and finally 99.18 (high Apr.9).
DXY hurt by poor US data
The miserable US results continue to take a toll on the US dollar. This time the first estimate of the GDP Annualized for the first quarter showed the economy grew less than expected 0.2% vs. 1.0% forecasted. The positive news came from the better-than-expected Pending Home Sales, gaining 1.1% on a monthly basis in March.
Ahead in the session, the greenback still needs to face the biggest risk event of the week: the FOMC meeting. Consensus seems to be poised for a more USD-friendly tone from the statement, with the Committee emphasizing that the recent weakness in domestic economic indicators would be temporary.
DXY relevant levels
The index is now retreating 1.17% at 94.96 with the immediate support at 94.75 (low Apr.29) followed by 94.06 (low Feb.26) and then 93.80 (low Feb.17). On the other hand, a surpass of 97.55 (high Apr.24) would open the door to 98.66 (high Mar.31) and finally 99.18 (high Apr.9).