US Dollar deflates to 97.10, data eyed
|The greenback, in terms of the US Dollar Index, is trading on the back footing on Friday, currently hovering over the 97.15/10 band.
US Dollar looks to data releases, Fedspeak
The index is shedding further ground today and fading yesterday’s up tick, while struggling to close the week in the positive territory.
The recent recovery in crude oil prices plus the soft tone in US yields as of late have weighed on the buck’s performance, prompting DXY to put further distance from earlier tops in the key region around 97.50.
USD gained some traction at the beginning of the week, always propped up by supportive Fedspeak signaling the likeliness of further tightening by the Federal Reserve in H2.
Later in the NA session, Markit’s manufacturing/services PMI, new home sales and speeches by St. Louis Fed J.Bullard (2019 voter, centrist), Cleveland Fed L.Mester (2018 voter, hawkish) and J.Powell (permanent voter, centrist).
US Dollar relevant levels
The index is losing 0.15% at 97.11 and a breach of 96.31 (2017 low Jun.14) would target 95.91 (low Nov.9 2016) and finally 94.95 (low Sep.22 2016). On the upside, the next hurdle lines up at 97.56 (high Jun.15) followed by 97.63 (38.2% Fibo of the May-June drop) and then 98.04 (50% Fibo of the May-June drop).
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.