FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback vs. its main competitors, bounced off sub-94.00 levels and is now reclaiming the 94.20 area.
DXY focus on EU Summit
The greenback is following the volatile mood in the broader markets at the beginning of the week, all amidst the generalized unease surrounding the Greece-EU debt talks and in light of the EU Leaders Summit due later. Previously, another failure in the Eurogroup meeting sent the index to session lows, although the bull run lacked of follow through.
In the data space, the Chicago Fed National Activity Index came in at -0.17 for the month of May, a tad better than the -0.19 previous. In addition, Existing Home Sales surpassed estimates during the last month, up 5.35m, or advancing 5.1%.
DXY levels to watch
The index is now advancing 0.16% at 94.23 with the next resistance at 94.42 (high Jun.19) followed by 95.68 (high Jun.12) and then 96.91 (high Jun.5). On the other hand, a break below 93.90 (low Jun.19) would open the door to 93.29 (low Jun.17) and finally 93.17 (low May 17).
(Market News Provided by FXstreet)