US Dollar Index falls to fresh 4-month lows despite US data

The greenback extended losses on Friday against its European rivals and the yen, although it managed to stabilize versus commodity currencies.  The U  |  12/01/2018 17:00
  • USD weakness continues during American session. 
  • US data offers limited support to the greenback.
  • DXY heads toward fifth weekly loss in-a-row.  

The greenback extended losses on Friday against its European rivals and the yen, although it managed to stabilize versus commodity currencies. 

The US Dollar Index (spot) recently dropped to 91.20, the lowest intraday level since September 8. The index is falling for the third consecutive day. Today it lost a key technical level: the 91.75/80 area that capped the downside many times during the current month. 

The DXY came under pressure yesterday with EUR’s rally and also after an unexpected slide in the PPI index. Today’s US data came most in line with expectation with the core CPI showing numbers above consensus and retail sales matching estimations but the report contained positive revisions to November figures. 

The modest upbeat data boosted the greenback but the recovery was short-lived. After reaching 91.50 the DXY turned lower again. As of writing it was trading at 91.30, headed toward the lowest weekly close since January 2015. 

Levels to watch 

To the downside, the immediate support could be seen at 91.20 (Jan 12 low), followed by 91.00 (2017 low) and 90.30. On the opposite direction, resistance levels might be located at 91.50, 91.75/80 (Jan 2, 4 & 5 low) and 92.00. 

Share

Popular News

Show More Popular News

Sentiment

Open a Demo Account Open A Live Account

Losses can exceed deposits

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com