The greenback, gauged by the US Dollar Index, is now giving away part of the initial advance and it has receded towards the mid-97.00s.
US Dollar eases further post-data
The index has deflated further after the Fed’s Labor Market Conditions Index has missed expectations at -2.4 vs. 1.0 initially forecasted and down from 0.8. USD has started the week on a positive note, climbing as high as the 97.70 area albeit running out of vigour afterwards.
Following February’s solid Payrolls (242K), the greenback will remain in the limelight later today in light of the speeches by FOMC’s Brainard and Fed’s Fischer.
US Dollar relevant levels
The index is up 0.26% at 97.50 facing the next hurdle at 98.85 (76.4% Fibo of 99.95-95.28) followed by 99.75 (high Jan.6) and finally 99.95 (high Jan.21). On the other hand, a breach of 97.61 (50% Fibo of 99.95-95.28) would target 97.16 (20-day sma) en route to 97.11 (200-day sma).
(Market News Provided by FXstreet)