US Dollar recedes to 89.80 post-U-Mich

• The index loses ground, retreats from tops near 89.90.
• Advanced US Consumer Sentiment came in below consensus.
• DXY appears supported in the 89.70/65 band so far.

The greenback, in terms of the US Dollar Index (DXY), is alternating gains with losses around the 89.80/70 region at the end of the week.

US Dollar offered on US data

The index is looking to add to yesterday’s gains although it met strong resistance in the 89.80/85 band for the time being.

The continuation of the positive tone in the risk-associated universe in combination with a somewhat hawkish tone from the FOMC minutes on Wednesday has been sustaining the up move in the buck during the first half of the week.

However, disappointing preliminary reading for the US Consumer Sentiment tracked by the Reuters/Michigan Index in April (97.8) and lower-than-expected JOLTs Job Openings in February (6.052 million) removed some tailwinds from the initial bull run.

US Dollar relevant levels

As of writing the index is losing 0.01% at 89.77 facing the next support at 89.40 (low Apr.11) seconded by 88.94 (low Mar.27) and then 88.25 (2018 low Feb.16). On the other hand, a breakout of 89.95 (high Apr.12) would aim for 90.60 (high Apr.6) and finally 90.89 (38.2% Fibo of 95.15-88.25).