12 Feb 2015
DXY supported at 21-d MA
FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is eroding weekly gains and trading back towards the 94.30 area.
DXY hurt by data
The US dollar reverted a positive start but failed to extend recent gains beyond yesterday’s tops in the 95.10/15 area. Less auspicious results from US Retail Sales and the weekly report on the labour market weighed on sentiment, dragging the index lower.
In addition, the unexpected neutral-to-hawkish tone from Governor M.Carney at today’s Quarterly Inflation Report gave further impetus to the sterling and extended the upbeat tone to the rest of the risk-associated assets.
The USD is now retreating vs. its main competitors with the exception of the Swedish krona, which is trading on a softer tone after a combination of negative rates and QE announced by the Riksbank in today’s meeting.
DXY relevant levels
At the moment the index is down 0.82% at 94.37 with the next support at 94.21 (21-d MA) and then 94.07 (low Feb.12). On the flip side, a break above 95.23 (high Feb.11) would open the door to 95.84 (high Jan.26).
DXY hurt by data
The US dollar reverted a positive start but failed to extend recent gains beyond yesterday’s tops in the 95.10/15 area. Less auspicious results from US Retail Sales and the weekly report on the labour market weighed on sentiment, dragging the index lower.
In addition, the unexpected neutral-to-hawkish tone from Governor M.Carney at today’s Quarterly Inflation Report gave further impetus to the sterling and extended the upbeat tone to the rest of the risk-associated assets.
The USD is now retreating vs. its main competitors with the exception of the Swedish krona, which is trading on a softer tone after a combination of negative rates and QE announced by the Riksbank in today’s meeting.
DXY relevant levels
At the moment the index is down 0.82% at 94.37 with the next support at 94.21 (21-d MA) and then 94.07 (low Feb.12). On the flip side, a break above 95.23 (high Feb.11) would open the door to 95.84 (high Jan.26).