The greenback, in terms of the US Dollar Index, keeps its buoyant tone on Monday, now receding to the 96.40 area after testing 96.60 earlier in the day.
US Dollar bid ahead of US CPI, Retail Sales
The index is prolonging its bounce off Friday’s multi-week lows in sub-96.00 levels, regaining the mid-96.00s amidst a vacuum of US releases and an increasing risk-on environment.
It will be a very interesting week data wise in the US economy, staring tomorrow with February’s Retail Sales and followed by inflation figures gauged by the CPI and the FOMC meeting on Wednesday.
US Dollar relevant levels
The index is up 0.16% at 96.38 facing the next hurdle at 97.06 (38.2% Fibo of 99.95-95.28) followed by 97.12 (200-day sma) and finally 98.42 (post-ECB high Mar.10). On the other hand, a breach of 95.94 (post-ECB low Mar.10) would target 95.28 (2016 low Feb.11) en route to 93.83 (monthly low Oct.15 2015).
(Market News Provided by FXstreet)