US Dollar off highs, returns to 96.00
By FXStreet The greenback, tracked by the US Dollar Index, has surrendered initial gains and is now coming back to the 96.00 neighbourhood.
US Dollar boosted by sentiment, data
The index is extending the rebound from yesterday’s multi-month lows in the 95.20 area, regaining the area above the 96.00 handle although running out of steam afterwards.
USD has gained extra legs after US headline Retail Sales have bettered initial estimates, expanding 0.2% from December to January. On the not so bright side, advanced Consumer Sentiment tracked by the Reuters/Michigan index has come in at 90.7 for the current month vs. 92.0 forecasted.
All in all, the dollar is finishing another dreadful week in levels last traded in mid-October, falling for the second week in a row as market expectations of a rate hike by the Fed at its March meeting are slowly dwindling.
US Dollar levels to watch
The index is up 0.37% at 95.98 facing the next hurdle at 96.94 (200-day sma) ahead of 97.50 (high Feb.8) and then 97.85 (100-day sma). On the other hand, a breach of 95.43 (76.4% Fibo of 93.86-100.60) would target 94.19 (low Sep.18 2015) en route to 93.86 (low Oct.14).
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Source:: FX Street
