US Dollar stuck around 99.40

The greenback, in terms of the US Dollar index, stays entrenched into the negative ground so far today, currently hovering over the 99.40 area.

US Dollar down on profit taking

DXY has faded part of yesterday’s strong gains to the 99.60 region, or multi-day tops, although the weekly recovery appears intact for the time being.

The index has advanced further north of the key 200-day sma and the 12-month support line in the 99.00 neighbourhood, reverting initial weakness and retaking the constructive bias.

The buck’s weekly bull run has been accompanied by a solid rebound of yields in the US money markets, testing fresh monthly lows on Tuesday just to deflate somewhat so far today.

Data wise in the US docket, Export/Import Price Index have come in on the strong side for the month of April, while Boston Fed E.Rosengren (2019 voter, hawkish) is due to speak later in the NA session.

US Dollar relevant levels

The index is losing 0.03% at 99.40 and a break below 99.13 (200-day sma) would open the door to 99.05 (23.6% Fibo of the April-May drop) and then 98.96 (low May 9). On the upside, the next hurdle lines up at 99.56 (high May 9) ahead of 99.81 (50% Fibo of the April-May drop) and finally 99.94 (high Apr.21).