US Dollar offered below 98.00 on data

The US Dollar Index, which gauges the buck vs. its main competitors, remains on the defensive at the beginning of the week in levels just below the 98.00 mark.

US Dollar attention to Fischer

The index remains unable grab some buying interest today, especially after Industrial Production and Capacity Utilization have disappointed expectations during September. On a better side, Manufacturing Production has expanded more than initially estimated during the same month.

Previously, the NY Empire State index has dropped to -6.8 for the month of October, missing prior surveys and adding to the downbeat mood around the buck.

Next of relevance for USD will be the speech by FOMC’s S.Fischer on ‘Low Interests Rates’ at the Economic Club of New York Luncheon.

On another direction, the latest CFTC report showed USD speculative longs at highest level since early February, taking net longs to the highest level since mid-June during the week ended on October 11.

US Dollar relevant levels

The index is retreating 0.09% at 97.93 with the initial support at 97.47 (low Oct.12) ahead of 96.33 (20-day sma) and finally 95.88 (200-day sma). On the other hand, a break above 98.59 (high Mar.3) would open the door to 99.95 (high Jan.21) and the 100.60 (high Dec.3).

 

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