DXY plummets near 97.00

FXStreet (Edinburgh) – The greenback, in terms of the US Dollar Index, is now accelerating its downside to the area of session lows in the 97.00 neighbourhood.

DXY unmotivated by data

After climbing as high as the 97.60/65 band today, the index has surrendered those gains and returned to the negative territory near the critical 97.00 handle. Recent comments by IMF’s Chief C.Lagarde gave and extra boost to the riskier assets, confining the greenback to the lower bound of the daily range.

In the data space, the USD paid very little attention to the unexpected weekly increase in US Initial Claims and the very auspicious results from Pending Home Sales, more concentrated instead on the Greek developments.

DXY relevant levels

The index is now up 0.21% at 97.57 and a breakout of 97.77 (high May 27) would aim for 98.13 (high Apr.22) and then 98.41 (high Apr.23). On the other hand, the initial support aligns at 96.89 (low May 27) followed by 94.82 (low May 22) and finally 94.08 (low May 19).

The greenback, in terms of the US Dollar Index, is now accelerating its downside to the area of session lows in the 97.00 neighbourhood…

(Market News Provided by FXstreet)