3 May 2016
US Dollar pares losses, back near 92.60
After a brief test of multi-month lows near 91.90, the US Dollar Index has pull itself together and is now approaching the 92.60 area.
US Dollar supported near 91.90
The greenback has managed to revert the initial negative momentum, finding some buying interest in the 91.90 area - levels last traded in January 2015 – and regaining the 92.00 handle and beyond soon afterwards.
A change in sentiment around the risk-associated space could have sparked the leg higher, as crude oil prices are extending their weekly pullback and Chinese data have disappointed investors in early trade.
In the data space, US IBD/TIPP Economic Optimism index has come in at 48.7 vs. 46.6 initially estimated. Next on tap will be the speech by Cleveland Fed L.Mester and the weekly report on stockpiles by the API.
US Dollar relevant levels
The index is losing 0.13% at 92.50 and a breach of 91.92 (2016 low May 3) would expose 91.50 (low Jan.15 2015) and then 87.23 (low Nov.17 2014). On the other hand, the initial hurdle lines up at 94.15 (20-day sma) followed by 95.18 (high Apr.22) and finally 95.60 (55-day sma).
US Dollar supported near 91.90
The greenback has managed to revert the initial negative momentum, finding some buying interest in the 91.90 area - levels last traded in January 2015 – and regaining the 92.00 handle and beyond soon afterwards.
A change in sentiment around the risk-associated space could have sparked the leg higher, as crude oil prices are extending their weekly pullback and Chinese data have disappointed investors in early trade.
In the data space, US IBD/TIPP Economic Optimism index has come in at 48.7 vs. 46.6 initially estimated. Next on tap will be the speech by Cleveland Fed L.Mester and the weekly report on stockpiles by the API.
US Dollar relevant levels
The index is losing 0.13% at 92.50 and a breach of 91.92 (2016 low May 3) would expose 91.50 (low Jan.15 2015) and then 87.23 (low Nov.17 2014). On the other hand, the initial hurdle lines up at 94.15 (20-day sma) followed by 95.18 (high Apr.22) and finally 95.60 (55-day sma).