US Dollar Depressed Below 94.00
The greenback, when tracked by the US Dollar Index, remains on a bearish bias today, currently extending the break below the key 94.00 support.
US Dollar muted after Yellen
USD failed to spark any noticeable reaction following the cautious albeit optimistic tone from yesterday’s speech by Chief Yellen in Philadelphia.
Despite Yellen left the door open for a rate hike in the coming months (seems later than sooner now), she also reiterated the need to see further improvement in inflation figures and somewhat downplayed May’s Payrolls.
Ahead in the session, Non-farm Productivity and Unit Labor Costs in Q1 are due, followed by IBD/TIPP’s Economic Optimism index and Consumer Credit.
US Dollar relevant levels
The index is losing 0.19% at 93.85 facing the next support at 93.65 (low May 11) ahead of 93.08 (low May 6) and then 91.88 (2016 low May 3). On the other hand, a breakout of 94.61 (55-day sma) would aim for 94.92 (20-day sma) and finally 95.96 (high May 30).