FXStreet (Edinburgh) – The US Dollar Index, which gauges the greenback vs. its main rivals, has quickly recovered the ground lost and is now testing the area of 97.70, or session peaks.
US Dollar stronger on Lockhart’s remarks
The index has gathered further traction following comments by Atlanta Fed D.Lockhart, who stressed that September could be an ‘appropriate time’ for a Fed’s lift-off, in line with recent appreciations by St. Louis Fed J.Bullard. He also sees domestic consumer prices ticking higher along with a drop in the unemployment rate, signalling that the economy is ready for higher rates.
In the data sphere, US Factory Orders have expanded at a monthly pace of 1.8% during June, matching forecasts and reverting May’s 1.0% contraction.
US Dollar relevant levels
As of writing the index is gaining 0.19% at 97.67 and a break above 97.97 (high Jul.17) would aim for 98.16 (high Jul.20) and finally 98.46 (high Apr.21). On the downside, the immediate support lines up at 97.21 (low Aug.4) ahead of 96.29 (low Jul.27) and then 95.63 (low Jul.23).
(Market News Provided by FXstreet)