US Dollar Turns Positive Near 95.50

US Dollar Turns Positive Near 95.50

2 June 2016, 15:56
Roberto Jacobs

US Dollar Turns Positive Near 95.50

The greenback, tracked by the US Dollar Index, has reverted the initial bearish tone and is now testing the positive territory in the 95.45/50 band.

US Dollar rebounds from 95.15

After bottoming out in the 95.10 area, the index has managed to grab buying interest and is now hovering over the mid-95.00s, looking to regain ground lost after yesterday’s significant pullbac

USD gathered steam after the ECB left its monetary stance unchanged at today’s meeting and Draghi’s press conference failed to lend extra support to the recent EUR-upside.

In addition US Initial Claims have bettered expectations during last week, while the ADP report has matched initial surveys at 173K in May, up from 166K recorded in April (revised from 156K), all collaborating with the recovery in USD.

US Dollar relevant levels

The index is gaining 0.07% at 95.49 and a break above 95.97 (high May 30) would aim for 95.99 (100-day sma) and finally 96.42 (high Mar.28). On the other hand, the next support aligns at 95.11 (low May 23) followed by 94.93 (20-day sma) and then 94.67 (55-day sma).


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