The greenback, measured by the US Dollar Index, is trading on the defensive so far on Thursday, hovering over the 99.60 area, close to daily lows.
US Dollar supported near 99.30
The index is extending its weekly pullback, still unable to gather some sustainable traction amidst a broad-based bearish sentiment among market participants.
There is no change in the near term picture for the buck, which remains under pressure after President Trump suggested it was ‘too strong’ while recent disappointing results in the US docket have also collaborated with the offered bias.
US Treasury Secretary S.Mnuchin said earlier in the week that a strong Dollar is positive in the longer run, although he failed to lift the buck’s morale.
Data wise today in the US, the usual report on the labour market is due followed by the Philly Fed Manufacturing Index for the current month.
US Dollar relevant levels
The index is losing 0.10% at 99.61 facing the next support at 99.36 (low Apr.18) followed by 98.95 (200-day sma) and finally 98.67 (2017 low Mar.27). On the flip side, a break above 100.04 (38.2% Fibo of the March drop) would aim for 100.11 (20-day sma) and then 100.61 (55-day sma).
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