US Dollar offered, clings to 97.00

The US Dollar Index, which gauges the buck vs. its main rivals, is trading on a soft note today although it so far manages to stick to the 97.00 neighbourhood.

US Dollar attention to Yellen, data

The index is extending its choppy trade during the first half of the week, gravitating around the 97.00 handle after being rejected once again from the 97.50 area last week.

The buck stays under pressure amidst the current down move in US yields, specially the 10-year benchmark, which is hovering over the 2.13% level, at shouting distance from weekly lows.

In the meantime, Trump’s plans to replace Obamacare seem to face further obstacles after Republicans said on Monday they will reject the healthcare bill as it is currently written.

In the US data space, home prices measured by the S&P/Case-Shiller index are due later seconded by CB’s consumer confidence and speeches by Chief J.Yellen, Philly Fed P.Harker (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish).

US Dollar relevant levels

The index is losing 0.07% at 97.04 facing the next hurdle at 97.16 (high Jun.26) followed by 97.56 (high Jun.15) and finally 97.63 (38.2% Fibo of the May-June drop). On the other hand, a breach of 96.81 (low Jun.26) would open the door to 96.31 (2017 low Jun.14) and finally 95.91 (low Nov.9 2016).