US Dollar sidelined near 95.20

The greenback, tracked by the US Dollar Index, is posting marginal losses today around the 95.20 area.

US Dollar gains capped near 95.50

Despite the current small retracement, the index remains well on track to close its third consecutive week with gains, up from multi-month lows near 91.90 in early May to yesterday’s tops around 95.50.

Positive results in the US docket plus hawkish comments by FOMC governors as of late have morphed into increasing speculations on a rate hike by the Fed at its meeting in June. However, at his speech yesterday, Vice Chair Fischer has declined to comment on the stance of monetary policy, somewhat mitigating upside pressure as markets placed this on the dovish side.

US Dollar relevant levels

The index is losing 0.03% at 95.25 and a breakdown of 94.87 (55-day sma) would expose 94.13 (20-day sma) and finally 93.65 (low May 11). On the other hand, the initial up barrier aligns at 95.51 (high May 19) ahead of 96.30 (100-day sma) and then 96.42 (high Mar.28).