FXStreet (Edinburgh) – The greenback, tracked by the US Dollar Index, continues to recover from another test of session lows around 97.10.
USD Index shrugs off US data
The index saw its selling interest picking up pace following the mixed docket in the US economy today, where Markit’s manufacturing PMI (53.8 act. vs. 53.6 exp.) and New Home Sales (482K act. vs. 546K exp.) have run in opposite directions.
The index is closing the week in red figures, surrendering part of last week’s advance after being once again rejected from the boundaries of the key barrier at 98.00. The upcoming FOMC meeting will probe to be crucial for USD’s price action in the very near term, with all the attention gyrating around the likeliness of a September lift-off.
USD Index relevant levels
As of writing the index is gaining 0.18% at 97.29 and a surpass of 97.62 (high Jul.24) would aim for 98.46 (high Apr.21) and finally 99.36 (high Apr.15). On the flip side, the immediate support aligns at 97.13 (low Jul.24) followed by 96.89 (low Jul.23) and then 95.08 (low Jun.26).
(Market News Provided by FXstreet)