US Dollar Index pushes higher above 97.30, weekly tops
|- DXY moves higher and tests the 97.30/35 band.
- US Retail Sales expanded 0.5 MoM in May.
- Industrial Production surprised to the upside, up 0.4% in May.
The greenback is now navigating the upper end of the weekly range, recovering further ground above the 97.00 handle when tracked by the US Dollar Index (DXY).
US Dollar Index bid on Fed speculations, data
The index is confirming the recovery from weekly lows in the 96.60 region (Wednesday), managing at the same time to advance further north of the critical barrier at 97.00 the figure and keeping intact the weekly positive performance after three consecutive pullbacks.
The greenback picked up extra pace today after Retail Sales expanded 0.5% MoM during last month, Industrial Production expanded more than expected 0.4% inter-month and Manufacturing Production also surprised to the upside gaining 0.2% from a month earlier.
These results somewhat mitigated speculations of a Fed down move on rates in the near term, although in the longer run market participants continue to price in some sort of monetary easing, which should limit occasional bullish attempts in the buck for the time being.
US Dollar Index relevant levels
At the moment, the pair is gaining 0.26% at 97.28 and faces the next hurdle at 97.37 (high Jun.5) seconded by 97.43 (55-day SMA) and finally 97.87 (61.8% Fibo of the 2017-2018 drop). On the downside, a breakdown of 96.46 (low Jun.7) would open the door for 96.04 (50% Fibo of the 2017-2018 drop) and then 95.82 (low Feb.28).
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