DXY turns positive near 97.00

FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main competitors is now back in the 97.00 neighbourhood after testing lows near 96.80.

DXY hurt by US data

Once again, poor results from the US calendar today have been weighing on the index, although it has quickly managed to revert the decline to daily troughs around 96.80. In fact, the second revision of the US GDP Annualized during Q1 showed a 0.7% contraction while the Reuters/Michigan index surprised to the downside, dropping to multi-month lows during May. Today’s results add to the higher than expected Initial Claims seen on Thursday.

A glance at next week’s US calendar shows the key ISM Manufacturing (Monday) and the ADP Employment Change (Wednesday) as the main events, ahead of the more significant Non-farm Payrolls on Friday.

DXY relevant levels

The index is now up just 0.03% at 96.99 and a breakout of 97.19 (high May 29) would aim for 97.77 (high May 27) and finally 98.13 (high Apr.22). On the other hand, the initial support aligns at 96.75 (low May 29) followed by 94.82 (low May 22) and finally 94.08 (low May 19).