USD Index retreats from highs, near 97.40

FXStreet (Edinburgh) – The USD Index, which gauges the greenback against a basket of its main rivals, is now back to the 97.40 area after hitting daily tops around 97.60.

USD Index bolstered by US docket

The greenback quickly clinched session highs in the 97.60 area following the results in the US docket, although the bull run proved to be short-lived and retreated to the current 97.40/45 band.

Data showed that the US economy has expanded 2.3% on a yearly basis between April and June, up from the 0.6% seen during the first quarter (revised up from -0.2%) albeit missing forecasts for a 2.6% expansion.

Adding to the positive tone, Initial Claims rose to 267K in the week ended on July 24th, beating expectations at 270K.

USD Index relevant levels

As of writing the index is up 0.47% at 97.42 and a breakout of 97.59 (high Jul.30) would aim for 97.62 (high Jul.24) and finally 98.46 (high Apr.21). On the flip side, the immediate support aligns at 96.29 (low Jul.27) ahead of 96.26 (low Jul.14) and then 95.63 (low Jul.13).

The USD Index, which gauges the greenback against a basket of its main rivals, is now back to the 97.40 area after hitting daily tops around 97.60…

(Market News Provided by FXstreet)