FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback against a basket of its major rivals, is sharply lower today, currently testing the 98.60 area.
US Dollar trims gains on US calendar
USD has been trading on a softer tone since the Asian trading hours amidst increasing risk aversion over another slump of Chinese equities.
In addition, disappointing results from the US docket today showed Retail Sales contracting 0.1% during December, while Industrial Production and Capacity Utilization have both come in short of expectations. On the bright side, however, Business Inventories and Consumer Sentiment gauged by the Reuters/Michigan index have surprised to the upside.
US Dollar significant levels
As of writing the US Dollar Index is down 0.36% at 98.75 with the immediate support at 98.36 (1-month uptrend) followed by 97.41 (100-day sma) and then 97.21 (50% Fibo of 93.82-100.60). On the flip side, a break above 99.73 (high Jan.6) would aim for 100.00 (psychological level) and finally 100.60 (2015 high Dec.3).
(Market News Provided by FXstreet)