US Dollar eases from tops on US data, around 89.40

The index lost upside momentum on softer US data.
The greenback climbed as high as the vicinity of 89.70.
US Consumer Confidence came in below forecasts in March.

Pablo Piovano FXStreet

The US Dollar Index (DXY), which gauges the greenback vs. a basket of its main competitors is now deflating from earlier tops and receding to the 89.40 region.

US Dollar gives gains after data

A bout of buying pressure has lifted the index to fresh tops in the vicinity of 89.70 earlier in the session, although USD-bulls failed to sustain the up move so far.

In the meantime, the risk-associated space remains under pressure against the backdrop of month/quarter-end flows, with EUR, GBP and JPY reversing part of recent strong gains in favour of the buck.

Data wise in the US calendar, the S&P/Case-Shiller Index expanded more than expected at a non-seasonally-adjusted 6.4% YoY during January, while Consumer Confidence tracked by the Conference Board came in below estimates at 127.7 for the current month.

Additional data saw the Richmond Manufacturing Index at 15 for the month of March vs. 23 expected and February’s 28.

US Dollar relevant levels

As of writing the index is up 0.32% at 89.36 and a break above 89.63 (high Mar.27) would aim for 89.88 (23.6% Fibo of 95.15-88.25) and then 90.44 (high Mar.20). On the flip side, next support aligns at 88.92 (low Mar.27) seconded by 88.44 (low Jan.26) and then 88.25 (2018 low Feb.16).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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