FXStreet (Edinburgh) – After a brief adventure below the 97.00 handle, the US Dollar Index has trimmed earlier losses and is now trading almost unchanged vs. its peers.
DXY attention to US GDP
The US dollar has retraced part of the recent bull run to the vicinity of the 98.00 mark, although the 96.90/97.00 band seems to be quite a decent support so far.
Ahead in the session, the greenback will be under pressure in light of the second revision of the USD GDP during the first quarter. Consensus now sees the US economy contracting at an annual pace of 0.8% at the beginning of the year, down from the previous 0.2% expansion. In addition, the final result of the Reuters/Michigan index is also due, expected to improve a tad for the current month.
DXY relevant levels
The index is now flat at 96.96 and a breakout of 97.18 (high May 29) would aim for 97.77 (high May 27) and finally 98.13 (high Apr.22). On the other hand, the initial support aligns at 96.85 (low May 29) followed by 94.82 (low May 22) and finally 94.08 (low May 19).
(Market News Provided by FXstreet)