- The index drops and tests the 94.80 region on risk-on trade.
- Deal on EU migration issue gave wings to EUR/USD.
- US Personal Income/Spending, PCE next on tap.
The greenback, in terms of the US Dollar Index (DXY), is trading on a soft note at the end of the week, dropping to fresh lows in the 94.80/75 band.
US Dollar looks to US data
The index is posting losses for the first time after three consecutive daily advances, retreating from yesterday’s test of 2018 tops beyond 95.50 and returning to the 94.80 area, where some support appears to have emerged.
The greenback is deriving today’s weakness following the better tone in the risk-associated complex in the wake of the key deal on migration at the EU Summit late on Thursday.
In the US data space, Personal Income/Spending is due later in the NA session along with inflation figures measured by the PCE and the final print of the U-Mich index.
US Dollar relevant levels
As of writing the index is down 0.37% at 94.92 and a breakdown of 94.75 (low Jun.29) would target 94.38 (21-day sma) en route to 94.18 (low Jun.26). On the flip side, the next hurdle is located at 95.05 (high Jun.27) followed by 95.30 (high Jun.20) and then 95.53 (2018 high Jun.22).
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