US Dollar cuts losses, back above 97.00

The US Dollar Index, which measures the buck vs. its main rivals, has bounced off session lows in the 96.80 area and is now flirting with 97.00 once again.

US Dollar bid after ECB, data

The index has gathered some buying interest after the ECB meeting failed to give any clues regarding the potential moves of the central bank in the near/medium term, removing in consequence some tailwinds from the risk-associated space.

On the US data front, Initial Claims have surprised to the upside at 253K during last week, taking the 4-Week Average to 257.75K from 259K. Following suit, Existing Home Sales rose 1.1%, or by 5.57 million units, during June vs. 5.48 million units initially expected.

US Dollar relevant levels

The index is losing 0.10% at 97.10 and a breakdown of 96.73 (low Jul.21) would expose 96.59 (200-day sma) and finally 95.38 (low Jul.5). On the other hand, the next hurdle aligns at 97.37 (high Jul.20) followed by 98.58 (high Mar.1) and then 99.95 (high Jan.21).