US Dollar challenges lows near 89.50 post-US data
|- The index remains within its daily range near 89.60.
- US 10-year yields clinch multi-week tops above 2.90%.
- US Philly Fed index came in above expectations in April.
The US Dollar Index, which tracks the buck vs. a basket of its main competitors, keeps navigating the daily range between 89.50 and 89.75.
US Dollar extends the rebound from 89.20
The index is looking to add to the recent rebound from weekly lows in the 89.25/20 band, although the bull run seems to have found strong hurdle in today’s peaks in the 89.75/80 band.
USD remains supported by prevailing risk appetite trend while higher US 10-year yields and auspicious prints from the US docket have been also lending support to the buck.
In fact, Initial Claims came in at 232K WoW, taking the 4-Week Average to 231.25K from 230.00K. Additionally, the more significant Philly Fed Index surpassed estimates for the month of April at 23.2.
Later in the session, Cleveland Fed hawkish and voter President Loretta Mester is due to speak on Economic Outlook and Policy.
US Dollar relevant levels
As of writing the index is losing 0.10% at 89.54 and a breakdown of 89.23 (low Apr.17) would open the door to 88.94 (low Mar.27) and then 88.25 (2018 low Feb.16). On the upside, the next hurdle aligns at 89.95 (high Apr.12) followed by 90.60 (high Apr.6) and finally 90.89 (38.2% Fibo of 95.15-88.25).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.