US Dollar fails once again near 94.90, returns to 94.70
FXStreet News

US Dollar fails once again near 94.90, returns to 94.70

  • The index loses momentum ahead of the 94.90 level.
  • Yields of the US 10-year note retreat to the 2.95% area.
  • Final US Consumer Sentiment surprised to the upside in July.

The US Dollar Index (DXY), which gauges the buck vs. a basket of its main competitors, has once again faded the uptick to the 94.90 area.

US Dollar back around 94.70 post-US data

The index advanced, tested and receded from the critical resistance 94.90 area at the end of the week, returning to the 94.70 region in the wake of relevant US data.

In fact, the greenback retreated from daily highs after preliminary US GDP figures for the second quarter showed the economy is expected to expanded at an annualized 4.1% vs. 4.2% initially forecasted.

On a brighter side, final July print of the U-Mich index showed Consumer Sentiment improved to 97.9 from June’s 97.1.

Still in the US, President Trump said at his speech earlier today that ‘next quarter’s numbers will be outstanding’, adding that the economy is heading towards its best performance in 13 years. Despite Trump left no room for any surprises at his speech, the greenback met fresh sellers and is now flirting with lows in the 94.70/65 band.

US Dollar relevant levels

As of writing the index is down 0.06% at 94.71 and faces the next support at 94.08 (low Jul.26) followed by 93.71 (low Jul.9) and finally 93.19 (low Jun.14). On the upside, a breakout of 94.79 (high Jul.26) would target 94.85 (high Jul.24) en route to 95.03 (high May 29).

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.