- The index finds support in the proximity of 94.30.
- US NAHB index came in above estimates at 67 this month.
- US TIC Flows, API report due later in the NA session.
After bottoming out near 94.30 in early trade, the US Dollar Index (DXY), managed to get some traction and retake the key 94.50 region.
US Dollar Index under pressure, looks to trade
The buck is prolonging the pessimism during the first half of the week and is trading closer to last week’s lows around 94.30.
The sentiment around the buck has been deteriorating recently as the ‘tariffs-trade’ continued to lose traction among investors and despite the White House announced a 10% tariff on US imports of Chinese products worth $200 billion.
In the data space, US NAHB came in at 67.0 for the month of September, bettering initial estimates. Later in the day, TIC Flows for the month of July are due along with the weekly report on US crude oil stockpiles by the API.
US Dollar Index relevant levels
As of writing the index is losing 0.03% at 94.49 facing the next support at 94.35 (low Sep.18) seconded by 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26). On the flip side, a break above 95.00 (high Sep.14) would target 95.05 (55-day SMA) en route to 95.74 (high Sep.4).
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