US dollar ends week lower despite Friday’s recovery

The US Dollar index, which gauges the US dollar against its main competitors, is about to end the week 1.35% lower. Greenback rose on Friday but is was unable to erase losses. It even ended the week with losses against the Loonie (CAD) and the Pound (GBP) that plummeted on Friday.

The DXY rose today for the first time out of the last six trading days. After falling on Thursday to 94.00, the lowest level since June 23 it bounced to the upside and continued to recover today. It peaked at 94.55 and it was about to end the week hovering around 94.40/45.

It is the lowest weekly close since the Brexit referendum and the first, since then, below the 20-week simple moving average, that offered support during the previous three weeks. If the Dollar index continues to decline it would approach the 93.00 zone, a long-term support, and a key psychological level.

Next week, the economic calendar shows as the main event for the US dollar the Jackson Hole symposium that will run from Thursday to Saturday. Janet Yellen speech is likely yo influence on the USD.