US Dollar Index finds support at 96.50
|- The index moves higher after bottoming out at 96.50.
- US Durable Goods Orders came in below consensus.
- US Consumer Sentiment came in at 98.9 in November.
After recording fresh daily lows in the mid-96.00s, the greenback is now attempting a rebound to the 96.70 region when tracked by the US Dollar Index (DXY).
US Dollar Index looks to Euroland for direction
Despite the rebound, the index stays within the negative territory so far today, giving away part of yesterday’s positive performance to the proximity of the 96.90 region, or 2-day tops.
As usual, the greenback has been supported by increasing jitters surrounding the Brexit negotiations and the political arena in Italy, although those fears appeared somewhat alleviated today, giving some (temporary?) respite to the risk-associated assets.
In the US docket, Initial Claims, Durable Goods Orders and the final print of the Consumer Sentiment for the current month all came in below estimates, while on the brighter side, Existing Home Sales surprised to the upside, expanding 1.4% during last month.
US Dollar Index relevant levels
As of writing the index is losing 0.19% at 96.63 and a breakdown of 96.04 (low Nov.20) would aim for 95.68 (low Nov.7) and finally 95.71 (55-day SMA). On the upside, the immediate hurdle emerges at 96.84 (10-day SMA) seconded by 97.69 (2018 high Nov.12) and then 97.87 (61.8% Fibo retracement of the 2017-2018 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.