FXStreet (Edinburgh) – The USD Index, which gauges the greenback vs. its main rivals, continue to shed ground on Monday and has retreated to session lows around the 96.40 area.
USD Index in 2-week lows
The dollar is retreating for the second consecutive week so far, following the recent rejection around the 98.00 handle. A strong sentiment towards the risk-associated assets has steeped in at the beginning of the week, pushing the index lower to levels last seen in mid-July.
In the data space, US Durable Goods Orders came in above expectations during June, although the results did nothing to curb the offered tone in USD. Looking to Tuesday’s calendar, the S&P/Case-Shiller Index, Markit’s Services PMI and Consumer Confidence are all due.
USD Index relevant levels
As of writing the index is retreating 0.88% at 96.39 with the next support at 96.29 (low Jul.27) ahead of 96.26 (low Jul.14) and then 95.63 (low Jul.13). On the upside, a breakout of 97.62 (high Jul.24) would aim for 98.46 (high Apr.21) and finally 99.36 (high Apr.15).
(Market News Provided by FXstreet)