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15 May 2015
DXY in highs near 93.70
FXStreet (Edinburgh) - After bottoming in the area of 93.30, the US Dollar Index is now challenging session tops near 93.70.
DXY attention to US docket
The dollar is looking to resume yesterday’s attempt of recovery ahead of key data in the US economy due later: Capacity Utilization, Industrial Production and the Reuters/Michigan index. Market consensus expects industrial production to have reverted the previous contraction during April, while the flash sentiment gauge by the Reuters/Michigan index is expected to improve a tad to 96.0 from 95.9.
The greenback is retreating for the fifth consecutive week so far since it has been rejected by the 100.00 barrier in mid-April, although market participants expect the USD to resume its upside as we move into the second quarter.
DXY relevant levels
The index is now up 0.22% at 93.66 and a break above 93.75 (high May 14) would aim for 94.59 (high May 13) and finally 95.25 (high May 11). On the flip side, the initial support lines up at 93.17 (low May 14) followed by 92.51 (low Jan.22) and then 92.20 (low Jan.21).
DXY attention to US docket
The dollar is looking to resume yesterday’s attempt of recovery ahead of key data in the US economy due later: Capacity Utilization, Industrial Production and the Reuters/Michigan index. Market consensus expects industrial production to have reverted the previous contraction during April, while the flash sentiment gauge by the Reuters/Michigan index is expected to improve a tad to 96.0 from 95.9.
The greenback is retreating for the fifth consecutive week so far since it has been rejected by the 100.00 barrier in mid-April, although market participants expect the USD to resume its upside as we move into the second quarter.
DXY relevant levels
The index is now up 0.22% at 93.66 and a break above 93.75 (high May 14) would aim for 94.59 (high May 13) and finally 95.25 (high May 11). On the flip side, the initial support lines up at 93.17 (low May 14) followed by 92.51 (low Jan.22) and then 92.20 (low Jan.21).