3 May 2016
US Dollar keeps falling, tests 92.00
Another day, another pullback in USD. This time the US Dollar Index is retreating to the 92.00 neighbourhood, levels last traded in January 2015.
US Dollar in 16-month lows
The index is rapidly losing ground vs. its major rivals today, threatening to break below the critical support at the 92.00 handle as the selling bias has now gathered further traction following the opening bell in the Old Continent.
USD is navigating its second week with losses so far, exacerbated after the cautious stance from the Federal Reserve at its meeting last week. Market expectations of a rate hike in June remain marginal, while probabilities of a July rate hike are at nearly 30% according to CME Group FedWatch.
In the data space, the IBD/TIPP Optimism Index is due later in the NA session, seconded by Domestic Car Sales.
US Dollar relevant levels
The index is losing 0.63% at 92.04 and a breach of 91.50 (low Jan.15 2015) would expose 87.23 (low Nov.17 2014). On the other hand, the initial hurdle lines up at 94.15 (20-day sma) followed by 95.18 (high Apr.22) and then 95.60 (55-day sma).
US Dollar in 16-month lows
The index is rapidly losing ground vs. its major rivals today, threatening to break below the critical support at the 92.00 handle as the selling bias has now gathered further traction following the opening bell in the Old Continent.
USD is navigating its second week with losses so far, exacerbated after the cautious stance from the Federal Reserve at its meeting last week. Market expectations of a rate hike in June remain marginal, while probabilities of a July rate hike are at nearly 30% according to CME Group FedWatch.
In the data space, the IBD/TIPP Optimism Index is due later in the NA session, seconded by Domestic Car Sales.
US Dollar relevant levels
The index is losing 0.63% at 92.04 and a breach of 91.50 (low Jan.15 2015) would expose 87.23 (low Nov.17 2014). On the other hand, the initial hurdle lines up at 94.15 (20-day sma) followed by 95.18 (high Apr.22) and then 95.60 (55-day sma).