US Dollar weaker, finds support at 97.00

July 26, 2016

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood.

US Dollar focus on data

The index is losing ground for the second session in a row, today deriving extra weakness following increasing demand for the safe have JPY in response to a potential disappointment at the BoJ meeting on Friday.

Data wise in the US calendar, the S&P/Case-Shiller index is due followed by New Home Sales, CB’s Consumer Confidence and Markit’s advanced Services PMI for the current month.

US Dollar relevant levels

The index is losing 0.26% at 97.03 and a breakdown of 96.77 (low Jul.21) would expose 96.64 (200-day sma) and then 95.38 (low Jul.5). On the flip side, the immediate hurdle aligns at 97.62 (high Jul.25) followed by 98.58 (high Mar.1) and finally 99.95 (high Jan.21).

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