US Dollar volatile, albeit still in red near 94.60

After bottoming out in the 94.40 area, the US Dollar Index has now regained some attention and testing the 94.60/65 band.

US Dollar looks to Yellen for direction

The greenback remains under pressure on Friday after US GDP has been revised lower to an annualized 1.1% during Q2 from 1.2%. On the more optimistic side, US trade deficit shrunk to $59 billion during July, bettering estimates.

Ahead in the NA session, USD will remain in centre stage as Janet Yellen is due to speak to the Jackson Hole Symposium. Market participants will closely follow the event in search for hints on the potential timing of the next Fed’s rate hike.

US Dollar relevant levels

The index is losing 0.17% at 94.61 and a breach of 94.05 (low Aug.18) would aim for 93.03 (low Jun.23) and then 91.88 (2016 low May 3). On the upside, the next resistance lines up at 94.94 (high Aug.22) ahead of 95.22 (20-day sma) and finally 96.50 (high Aug.5).