US Dollar Index Bounces Off Session Lows Amid Mixed US Data

The US Dollar Index (DXY) has bounced back from its session lows of about 98.57 to trade at around 98.84 after recent US data releases.

Despite this rebound, the DXY still trades below its 100-hour moving average line and is within a descending channel formation on the 60-minute chart.

From a fundamental perspective, the US dollar index has been influenced by various economic indicators. The preliminary S&P Global Manufacturing PMI for August came in at 53.2, missing expectations of 53.9.

The Philadelphia Fed Manufacturing Survey for August rose to 47.4, beating forecasts, while the initial jobless claims for last week fell to 206k, below predictions of 210k.