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12 Mar 2015
DXY extends the bounce off 98.60
FXStreet (Edinburgh) - After dipping to session troughs in the 98.60 area, the greenback – in terms of the US Dollar Index – managed to regain the 99.00 mark and beyond.
DXY hurt by risk, US data
The selling interest in the USD turned up just after the index briefly surpassed the 100.00 barrier during the Asian session. A favourable context for the riskier assets started to build up, sending the dollar through the 99.00 support. Collaborating with the downside, a profit-taking bias picked up pace amongst traders following the strong gains in recent sessions.
Poor and unexpected results from US retail sales during February added to the selling pressure around the US dollar, as markets started to gauge the results with a potential rate hike by the Fed in June.
DXY levels to consider
The index is now retreating 0.30% at 99.34 with the immediate support at 98.65 (low Mar.12) followed by 98.47 (low Mar.11) and finally 97.77 (low Mar.10). On the flip side, the next resistance lines up at 99.97 (high Mar.11) ahead of 100.05 (high Mar.12).
DXY hurt by risk, US data
The selling interest in the USD turned up just after the index briefly surpassed the 100.00 barrier during the Asian session. A favourable context for the riskier assets started to build up, sending the dollar through the 99.00 support. Collaborating with the downside, a profit-taking bias picked up pace amongst traders following the strong gains in recent sessions.
Poor and unexpected results from US retail sales during February added to the selling pressure around the US dollar, as markets started to gauge the results with a potential rate hike by the Fed in June.
DXY levels to consider
The index is now retreating 0.30% at 99.34 with the immediate support at 98.65 (low Mar.12) followed by 98.47 (low Mar.11) and finally 97.77 (low Mar.10). On the flip side, the next resistance lines up at 99.97 (high Mar.11) ahead of 100.05 (high Mar.12).