FXStreet (Edinburgh) – The greenback, in terms of the US Dollar Index, has reverted the initial positive start and is now trading below the 95.00 handle.
DXY hurt by Greek hopes
Once again, hopes that Greece and the EU creditors could clinch a deal in the upcoming days have taken a toll in the US dollar, dragging the index back to sub-95.00 levels after posting daily highs around 95.70 in early trade.
Auspicious results from the US Reuters/Michigan index, surpassing estimates in all of its components for the current month, did little to nothing to spark a more durable upside in the dollar, which now faces next week’s FOMC meeting as the main risk event.
DXY levels to watch
The index is now retreating 0.17% at 94.81 with the immediate support at 94.32 (low Jun.10) followed by 94.09 (low May 19) and finally 93.27 (low May 18). On the upside, a breakout of 95.68 (high Jun.12) would open the door to 96.91 (high Jun.5) and then 97.68 (high Jun.1).
(Market News Provided by FXstreet)