FXStreet (Edinburgh) – The greenback, tracked by the US Dollar Index, keeps recovering ground from the weekly troughs near 93.30 following the FOMC meeting on Wednesday.
DXY regained 94.00 and beyond
The index is retreating for the third consecutive week, extending the drop from the vicinity of the 98.00 mark in late May. Despite recent better-than-expected results in the US economy and with the weakness in Q1 already behind, the index failed to ignite a more sustainable recovery, succumbing to the risk appetite sentiment.
Today’s increasing concerns over the outcome of the EU-Greece debt talks have triggered a shift to the risk-off trade, giving at the same time some oxygen to the US dollar.
DXY levels to watch
The index is now advancing 0.19% at 94.21 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)