US dollar index trims losses and recovers 95.60

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  • DXY daily retracement finds support near 95.40.
  • US yields remain in corrective mode along the curve so far.
  • Initial applications surprised to the downside last week.

The dollar, in terms of US dollar index (DXY), now alternating gains with losses around the 95.60 zone.

US Dollar Index Offered Lower Yields, Data Mixed

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After bottoming out near the 95.40 level, the index managed to regain some composure and trim those earlier losses.

Meanwhile, the dollar’s instinctive drive appears to be supported by another negative performance in US yields, while mixed results from the US calendar on Thursday added to the dovish mood on DXY.

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Indeed, initial claims rose more than expected by 286,000 in the week to January 15, while the Philly Fed improved consensus by 23.2 for the current month. Additionally, existing home sales fell 4.6% month-on-month in December to 6.18 million units.

Technical levels

Now the index is shedding 0.09% at 95.53 and a break above 95.83 (weekly high Jan 18) would open the door to 96.46 (high Jan 4 2022) and finally 96.93 (high Nov 24). of 2021). On the other hand, the next downside barrier emerges at 94.78 (100-day SMA), followed by 94.62 (Jan 14, 2022 low) and then 93.27 (Oct 28, 2021 monthly low).

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