US Dollar drops to lows near 97.30

FXStreet (Edinburgh) – The greenback, tracked by the US Dollar Index, is surrendering part of the recent strong gains and testing session lows near 97.30 on Friday.

US Dollar remains above 97.00

After three consecutive sessions with gains, the dollar is now shedding part of the recent spike to the boundaries of 97.80 and navigating the lower end of the daily range in the 97.35/30 band, all amidst some profit-taking amongst investors and the usual month-end adjustment.

Next of relevance for USD will be the ECI (Employment Cost Index), expected at 0.6% during the second quarter, ahead of the final figures for the Consumer Sentiment tracked by the Reuters/Michigan index, seen at 94.0.

US Dollar relevant levels

As of writing the index is down 0.21% at 97.35 with the next support at 97.26 (low Jul.31) followed by 96.29 (low Jul.27) and then 96.26 (low Jul.14). On the other hand, a breakout of 97.97 (high Jul.17) would aim for 98.16 (high Jul.20) and finally 98.46 (high Apr.21).

The greenback, tracked by the US Dollar Index, is surrendering part of the recent strong gains and testing session lows near 97.30 on Friday…

(Market News Provided by FXstreet)