US Dollar Index trims losses and retakes 95.60
|- The daily pullback in DXY meets support near 95.40.
- US yields remain in corrective mode along the curve so far.
- Initial Claims surprised to the downside last week.
The greenback, in terms of the US Dollar Index (DXY), now alternates gains with losses around the 95.60 region.
US Dollar Index offered on lower yields, mixed data
After bottoming out in the vicinity of the 95.40 level, the index managed to regain some composure and trim those earlier losses.
The knee-jerk reaction in the buck, in the meantime, looks underpinned by another negative performance in US yields, while mixed results from the US calendar on Thursday added to the downbeat mood in DXY.
Initial Claims rose more than expected by 286K in the week to January 15, while the Philly Fed bettered consensus at 23.2 for the current month. In addition, Existing Home Sales dropped 4.6% MoM in December to 6.18M units.
US Dollar Index relevant levels
Now, the index is losing 0.09% at 95.53 and a break above 95.83 (weekly high Jan.18) would open the door to 96.46 (2022 high Jan.4) and finally 96.93 (2021 high Nov.24). On the flip side, the next down barrier emerges at 94.78 (100-day SMA) followed by 94.62 (2022 low Jan.14) and then 93.27 (monthly low Oct.28 2021).
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