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Forex: US Dollar Index grinding lower

FXstreet.com (Barcelona) - Poor data from the US labour market and the manufacturing sector have dented the USD rally, sparking a correction lower to the current area of 83.80/85 after Wednesday’s yearly highs above 84.00.

“The broader sense that the US recovery is still generally taking shape continues to be priced into the market. That view could be shaken in the coming days, but it would likely take a more notable data disappointments or strong comments from a Fed speaker. Without that however, the prevailing trend is still toward more USD strength”, assessed G.Moore and S.Osborne, FX Strategists at TD Securities.

As of writing, the index is losing 0.30% at 83.71 and according to tradingcentral.com, the next support levels line up at 83.50, 83.30 and 83.10 while resistance barriers are located at 84.00, 84.20 and 84.50.

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