US Dollar Keeps Falling, Closer to 93.50
The selling pressure remains intact around the greenback when tracked by the US Dollar Index, currently grinding lower to the 93.60 area.
US Dollar in 5-week lows
The index is retreating for the second straight session today, coming down from recent peaks in the boundaries of the 96.00 barrier to test the area of 93.60, multi-week lows.
The current retracement continues to be sustained by falling expectations on a rate hike by the Federal Reserve at its meeting next week, while US yields keeps rebounding from earlier lows.
Ahead in the session, the only release in the US docket will be the EIA’s weekly report on crude oil inventories.
US Dollar relevant levels
The index is losing 0.26% at 93.60 facing the next support at 93.44 (61.8% Fibo of the May up move) ahead of 93.08 (low May 6) and then 91.88 (2016 low May 3). On the other hand, a breakout of 94.58 (55-day sma) would aim for 94.91 (20-day sma) and finally 95.96 (high May 30).
