US Dollar tumbles to lows post-US data, near 98.80

The US Dollar Index – which gauges the greenback vs. its main rivals – has dropped to fresh lows in the 98.80 region in the wake of results from the US docket.

US Dollar eroding the 11-month support line

The offered bias around the buck picked up pace today after US Consumer Confidence tracked by the Conference Board missed expectations for the current month, deflating to 120.3 vs. 122.5 forecasted and March’s 124.9.

Further results saw New Home Sales beating estimates at 621K units in March, or up 5.8%, and house prices measured by the S&P/Case-Shiller Index rising at an annualized non-seasonally adjusted 5.9% (vs. 5.7% estimated).

USD is currently testing the critical 11-month support line in the 98.80 region following the US results, while US yields manage to stay sidelined in the upper end of the daily range.

It is worth mentioning that USD also stays under pressure from the speculative community, as net longs have retreated to 2-week lows in the week to April 18, according to the latest CFTC report.

US Dollar relevant levels

The index is losing 0.13% at 98.78 facing the next support at 98.70 (low Apr.24) and then 98.67 (2017 low Mar.27). On the other hand, a break above 99.24 (high Apr.24) would aim for 100.04 (38.2% Fibo of the March drop) and finally 100.12 (20-day sma).