US Dollar Drops to Lows Near 92.80

US Dollar Drops to Lows Near 92.80

2 May 2016, 12:58
Roberto Jacobs

US Dollar Drops to Lows Near 92.80

The greenback, tracked by the US Dollar Index, remains depressed today, currently testing the area of 92.80, or daily lows.

US Dollar focus on data, Fedspeak

The offered tone remains unabated around the dollar, dropping for the sixth consecutive session and including a break below the psychological support at the 93.00 handle, levels last seen in August 2015.

The recent breakdown of 93.00 opens the door for a potential visit to 92.52, recorded after the PBoC move last August.

Next on tap will be the critical ISM Manufacturing, seconded by Markit’s PMI and speeches by Lockhart and Williams.

US Dollar relevant levels

The index is losing 0.25% at 92.85 and a breach of 92.52 (monthly low Aug.24 2015) would aim for 91.50 (low Jan.15 2015) and finally 87.23 (low Nov.17 2014). On the other hand, the initial hurdle lines up at 94.30 (20-day sma) followed by 95.18 (high Apr.22) and then 95.68 (55-day sma).


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