US Dollar off highs, back to 95.70

The US Dollar Index, which tracks the greenback vs. its main rivals, keeps the bullish note on Thursday, albeit it has now receded to the 95.65/70 band.

US Dollar gains capped at 95.90

The index has managed to advance to the vicinity of the key barrier at 96.00 the figure during the European morning, although it has lost upside momentum soon afterwards.

Softening demand for the Japanese yen, looser monetary conditions in the UK after today’s BoE meeting and lower crude oil prices have all been lending support to the greenback, pushing it to the second consecutive session with gains.

Data wise in the US, Initial Claims rose to 269K WoW, missing estimates, while June’s Factory Orders have contracted less than forecasted 1.5% MoM.

US Dollar relevant levels

The index is advancing 0.11% at 95.67 facing the immediate up barrier at 95.90 (high Aug.4) followed by 96.64 (200-day sma) and finally 97.62 (high Jul.25). On the other hand, a breach of 94.94 (low Aug.2) would aim for 94.78 (61.8% Fibo of 93.03-97.62) and finally 94.01 (78.6% Fibo of 93.03-97.62).