The greenback, tracked by the US Dollar Index, is trading on the defensive today although sellers found quite decent support in the 94.20 area so far.
US Dollar looks to data
After hitting highs near the 95.00 handle on Monday, the index has sparked a leg lower to the current 94.20/30 band, as hopes of a probable rate hike by the Fed next months seems to have fizzled out.
Data wise in the US calendar, New Home Sales are only expected today along with Markit’s advanced manufacturing PMI for the current month, seen a tad lower at 52.7 vs. 52.9 previous.
US Dollar relevant levels
The index is losing 0.09% at 94.43 facing the next support at 94.05 (low Aug.18) followed by 93.03 (low Jun.23) and then 91.88 (2016 low May 3). On the upside, a surpass of 94.94 (high Aug.22) would open the door to 95.33 (50% Fibo of the June-July up move) and finally 96.50 (high Aug.5).
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