DXY clings to daily gains

FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is now posting marginal gains albeit keeping the trade above the 95.00 mark so far.

DXY recovery capped at 95.50

The index managed to bounce off daily lows in the 95.00 neighbourhood, although the recovery seems to have run out of legs in the mid-95.00s despite the positive releases in the US economy.

Following last week’s set of negative results, today’s better-than-expected data from Factory Orders could well ignite a fresh wave of USD-buying ahead of Friday’s critical Non-farm Payrolls (225K exp.).

DXY relevant levels

The index is now advancing 0.10% at 95.39 with the initial resistance at 95.62 (high May 4) ahead of 96.18 (high Apr.29) and finally 96.93 (high Apr.28). On the flip side, a break below 95.04 (low May 4) would aim for 94.50 (low May 1) and then 94.40 (low Apr.30).