US Dollar Holding on to 94.00 Ahead of Yellen

US Dollar Holding on to 94.00 Ahead of Yellen

6 June 2016, 12:05
Roberto Jacobs
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US Dollar Holding on to 94.00 Ahead of Yellen

The US Dollar Index, which tracks the greenback vs. its main rivals, has eased earlier gains and is now back around the 94.00 handle.

US Dollar hurt by Payrolls, looks to Yellen

The index remains in the lower end of the recent and sharp pullback to the 94.00 neighbourhood in response to miserable prints from May Payrolls at 38K vs. 164K initially forecasted.

USD remains under pressure as market participants continue to fade expectations of a rate hike by the Fed at least in the near term (summer), although the speech by Chair J.Yellen later in the NA session carries the potential to somewhat revive the greenback.

US Dollar relevant levels

The index is up 0.08% at 94.11 facing the next hurdle at 94.64 (55-day sma) followed by 94.94 (20-day sma) and finally 95.96 (high May 30). On the other hand, a breakdown of 93.65 (low May 11) would allow a test of 93.08 (low May 6) and then 91.88 (2016 low May 3).

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