US Dollar struggling to regain 96.00

The greenback, measured by the US Dollar Index, is now looking to retake the 96.00 handle after finding some support near 95.80.

US Dollar weaker as risk appetite surges

Global sentiment remains biased towards the risk-associated space in detriment of the demand for the greenback, dragging the index to weekly lows in the 93.85/80 band after the BoE reiterated its steady stance at today’s meeting.

Data wise in the US calendar, Initial Claims rose 254K WoW, taking the 4-Week Average to 259.0K from 264.75K. Further data also saw Producer Prices rising more than expected 0.5% MoM and 0.3% on a year to June.

Next on tap will be the speeches by Atlanta Fed D.Lockhart (non-voter, neutral) and KC Fed E.George (voter, hawk).

US Dollar relevant levels

The index is retreating 0.18% at 96.05 and a breakout of 96.86 (high Jun.27) would open the door to 97.09 (high Mar.16) and finally 98.58 (high Mar.1). On the flip side, the immediate support lines up at 95.59 (20-day sma) ahead of 95.38 (low Jul.5) and then 94.89 (55-day sma).