US Dollar trims losses post-data, near 97.20

The US Dollar Index, which tracks the buck vs. its main competitors, has abandoned the area of daily troughs and is now approaching the 97.20/25 band.

US Dollar bid after data

USD continues to rebound from earlier lows in the 96.90 region after mixed results from today’s US calendar.

In fact, CB’s Consumer Confidence has beaten expectations for the current month at 97.3, albeit coming in a tad lower than June’s 97.4. Further data saw New Home Sales climbing to 7-year highs at an annual pace of 592K units, or 3.5%, vs. forecasts at 560K.

On the not-so-bright side, Markit’s flash Services PMI dropped to 50.9 for the current month vs. 52.0 expected and previously the S&P/Case-Shiller index rose at an annualized 5.2% on a year to May, the slowest pace since September 2015.

Ahead in the week, USD will continue to take centre stage in light of tomorrow’s FOMC meeting and Friday’s GDP figures.

US Dollar relevant levels

The index is losing 0.10% at 97.18 and a breakdown of 96.77 (low Jul.21) would expose 96.64 (200-day sma) and then 95.38 (low Jul.5). On the flip side, the immediate hurdle aligns at 97.62 (high Jul.25) followed by 98.58 (high Mar.1) and finally 99.95 (high Jan.21).