FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback vs. its main competitors, is posting marginal gains today, currently hovering over the 97.20/25 area.
US Dollar supported at 97.00
After climbing as high as the 97.60 area in the wake of the PBoC move during the Asian trading hours, the index initiated a leg lower which has found decent support around 97.00 the figure in the European morning.
Today’s US data releases – Nonfarm Productivity and Unit Labor Costs – are far from being market movers, giving way to the broader risk appetite trends as the main drivers for the price action.
US Dollar relevant levels
As of writing the index is up 0.04% at 97.20 with the immediate hurdle at 97.59 (high Aug.11) followed by 97.92 (high Aug.10) and then 98.46 (high Apr.21). On the other hand, a break below 96.89 (low Jul.23) would aim for 96.29 (low Jul.27) and finally 95.97 (low Jul.9).
(Market News Provided by FXstreet)