US Dollar Index moves to fresh highs near 96.30
|- The index recovers ground lost after dropping near 96.00.
- Yields of the US 10-year note tested sub-3.05% levels.
- US Housing Starts, Building Permits next on tap in the docket.
The greenback, in terms of the US Dollar Index (DXY), remains under pressure and close to the 96.00 area despite the ongoing bounce off lows.
US Dollar Index looks to data, Brexit
After five consecutive sessions with losses, the index is now giving some signs of life and manages to rebound from recent lows in the vicinity of the 96.00 area to the 96.25/30 band.
The Dollar stays vulnerable so far this week and is looking to revert the recent negative streak following 2018 peaks around 97.70 recorded earlier in the month (November 12). It is worth mentioning that the buck has accelerated the leg lower in response to last week’s dovish comments from Fed’s R.Clarida.
In the meantime, the buck keeps looking to developments in Euroland for direction, with the Brexit negotiations and Italian politics in the centre stage for the time being.
US Dollar Index relevant levels
As of writing the index is gaining 0.14% at 96.33 and a breakout of 96.61 (21-day SMA) would open the door to 96.72 (10-day SMA) and then 97.69 (2018 high Nov.12). On the other hand, the next support emerges at 96.13 (low Nov.19) seconded by 95.68 (low Nov.7) and finally 95.67 (55-day SMA).
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.