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5 May 2015
DXY finds support near 95.00
FXStreet (Edinburgh) - After briefly dipping to sub-95.00 levels, the US Dollar Index is now looking to pick up some pace and recover some of the ground lost.
DXY weaker on data
The index has started the session in a buoyant tone, although the upside momentum lost impetus and eventually dragged it to the area of 95.00, where some buying interest seems to have re-emerged.
Markets have quickly forgotten the auspicious results from yesterday’s Factory Orders, with the heavy tone retuning to the dollar after a wider trade deficit during March and a poor Markit’s Services PMI. On the bright side, if any, the ISM Non-manufacturing came in above estimates during April.
DXY relevant levels
The index is now retreating 0.44% at 95.06 and a break below 94.87 (low May 5) would aim for 94.50 (low May 1) and then 94.40 (low Apr.30). On the upside, the initial hurdle lines up at 95.62 (high May 4) ahead of 96.18 (high Apr.29) and finally 96.93 (high Apr.28).
DXY weaker on data
The index has started the session in a buoyant tone, although the upside momentum lost impetus and eventually dragged it to the area of 95.00, where some buying interest seems to have re-emerged.
Markets have quickly forgotten the auspicious results from yesterday’s Factory Orders, with the heavy tone retuning to the dollar after a wider trade deficit during March and a poor Markit’s Services PMI. On the bright side, if any, the ISM Non-manufacturing came in above estimates during April.
DXY relevant levels
The index is now retreating 0.44% at 95.06 and a break below 94.87 (low May 5) would aim for 94.50 (low May 1) and then 94.40 (low Apr.30). On the upside, the initial hurdle lines up at 95.62 (high May 4) ahead of 96.18 (high Apr.29) and finally 96.93 (high Apr.28).