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).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: positive mood could prevent the collapse

The shared currency has remained under selling pressure on Friday, amid mounting speculation the ECB will announce a larger-than-anticipated stimulus package next September. EUR/USD capped by a Fibonacci resistance at 1.1110, yearly low at risk.

EUR/USD News

GBP/USD: economic disruption on a no-deal Brexit to weigh on Sterling

The GBP/USD pair has closed the week with gains, a handful of pips below the 1.2150 level. The Pound advanced for a third consecutive day, helped by some headlines indicating that Jeremy Corbyn, has been in talks with the Scottish National Party.

GBP/USD News

USD/JPY: short-term advance to be capped by long-term jitters

The USD/JPY has recovered some ground these last few days, to close the week at 106.35. Still, it posted a lower low and a lower high when compared to the previous week, as the Yen benefited from its safe-haven condition on mounting concerns about a US recession. 

USD/JPY News

Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •