US Dollar off highs on poor data, near 94.70

The US Dollar Index, which tracks the buck vs. its main rivals, has deflated from daily highs and is now hovering over the 94.75/70 band.

US Dollar gains capped near 94.80

The index has slipped back towards the 94.70 region after US Existing Home Sales have missed expectations during July, increasing by 5.39 million units, or contracting 3.2% on a monthly basis. Today’s results contrast with the auspicious report from July’s New Home Sales released on Monday, jumping more than 12% inter-month.

Later in the week, USD will take centre stage in light of the speech by J.Yellen at Jackson Hole along with another revision of the US GDP figures during the second quarter.

US Dollar relevant levels

The index is gaining 0.22% at 94.75 and a surpass of 95.11 (100-day sma) would open the door to 95.33 (50% Fibo of June-July up move) and finally 96.50 (high Aug.5). On the flip side, the immediate support lines up at 94.37 (support trendline off 2016 low) followed by 93.03 (low Jun.23) and then 91.88 (2016 low May 3).