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: 50-day SMA restricts immediate recovery

EUR/USD buyers look for confirmation, despite recent bounce, as prices still trade below the near-term key moving average, around 1.1025, during early Friday.

EUR/USD News

GBP/USD: On the bids above 100-bar SMA

GBP/USD holds on to recovery gains from 50% Fib retracement level while taking the bids to 1.2885 during the early Asian. Bullish MACD indicates pair’s another run-up to the short-term key resistance line.

GBP/USD News

USD/JPY extends the bounce above 108.50 on rising trade deal hopes

The USD/JPY pair extends its bounce from eight-day lows of 108.25 in Friday's Asian trading, with the bulls regaining control above 108.50 after White House Economic Adviser Kudlow's comments bolstered US-China trade deal hopes. 

USD/JPY News

Gold awaits clear direction around $1470 amid risk reset

With the fresh optimism surrounding the US-China trade accord, Gold prices struggle to extend the previous recovery while taking rounds to $1,471 amid Friday’s initial Asian trading session.

Gold News

US China trade and the global economy: Q&A with FXStreet senior analyst

After the meetings in October it was unclear if the new levies planned for December would be called off. And now, reports suggest that past duties may be removed. All in all, a positive development, isn't it?

Read more

Forex MAJORS

Cryptocurrencies

Signatures