US Dollar trims gains, near 96.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback, measured by the US Dollar Index, has now faded the earlier spike to daily highs near 96.90, returning to the 96.60 area.

    US Dollar weaker on mixed US results

    The index lost upside momentum after the US docket showed January’s Retail Sales have been significantly revised lower, while the February’s headline print has contracted less than initially expected. Producer Prices have contracted in line with consensus 0.2% during the last month.

    Further publications saw NAHB index and Business Inventories coming in below forecasts, adding to the downside pressure.

    The greenback will slowly take centre stage, as the 2-day FOMC meeting starts today and key inflation figures tracked by the CPI are due tomorrow.

    US Dollar relevant levels

    The index is up 0.01% at 96.61 facing the next hurdle at 97.13 (200-day sma) followed by 97.61 (50% Fibo of 99.95-95.28) and then 97.82 (55-day sma). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 95.28 (2016 low Feb.11) en route to 93.83 (monthly low Oct.15 2015).
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