US Dollar Off Lows, Back to 92.80
After a brief knee-jerk to 92.60, the US Dollar Index seems to have found some buyers and has now returned to the 92.80/85 band.
US Dollar weaker post-ISM
The greenback lost further ground after the ISM Manufacturing and Markit’s manufacturing PMI have both come in below expectations for the month of April, adding to last week slew of disappointing results in the US docket and somewhat ‘justifying’ the more cautious stance from the Federal Reserve.
Next of relevance for the dollar will be the speech by San Francisco Fed J.Williams and Wednesday’s ADP employment report (195K exp.).
US Dollar relevant levels
The index is losing 0.33% at 92.77 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).