28 Apr 2015
DXY finds support at 96.00
FXStreet (Edinburgh) - The US Dollar Index, which measures the greenback against a basket of rival currencies, remains mired in the red territory, challenging the key 96.00 handle.
DXY softer on data, Greece
The index is extending its negative streak today, losing ground for the third consecutive week so far and trading in levels last seen in early March near 96.00. Renewed hopes on a EU-Greece deal have revived after the Greek authorities have restructured the negotiating party this morning, prompting investors to think there might be light at the end of the tunnel.
Collaborating with the downbeat sentiment in the greenback, US data continues to disappoint. This time US Consumer Confidence dropped to 95.2 for the current month, missing expectations and coming down from March’s 101.4; in addition, the regional manufacturing gauge tracked by the Richmond Fed came in at -3 vs. -2 forecasted.
DXY relevant levels
The index is now retreating 0.71% at 96.07 with the immediate support at 95.84 (low Mar.5) followed by 95.34 (low Mar.4) and then 94.06 (low Feb.26). On the other hand, a surpass of 97.55 (high Apr.24) would open the door to 98.66 (high Mar.31) and finally 99.18 (high Apr.9).
DXY softer on data, Greece
The index is extending its negative streak today, losing ground for the third consecutive week so far and trading in levels last seen in early March near 96.00. Renewed hopes on a EU-Greece deal have revived after the Greek authorities have restructured the negotiating party this morning, prompting investors to think there might be light at the end of the tunnel.
Collaborating with the downbeat sentiment in the greenback, US data continues to disappoint. This time US Consumer Confidence dropped to 95.2 for the current month, missing expectations and coming down from March’s 101.4; in addition, the regional manufacturing gauge tracked by the Richmond Fed came in at -3 vs. -2 forecasted.
DXY relevant levels
The index is now retreating 0.71% at 96.07 with the immediate support at 95.84 (low Mar.5) followed by 95.34 (low Mar.4) and then 94.06 (low Feb.26). On the other hand, a surpass of 97.55 (high Apr.24) would open the door to 98.66 (high Mar.31) and finally 99.18 (high Apr.9).