US Dollar depressed near YTD lows, FOMC looms
|The US Dollar Index – which gauges the buck vs. its main rivals – has resumed the downside on Tuesday and is currently navigating the 93.70/65 band.
US Dollar cautious ahead of FOMC
The index could not sustain yesterday’s bull run to the vicinity of the key barrier at 94.00 the figure and deflated to the current 93.70/65 area, threatening to re-visit YTD lows.
Rising uncertainty over the US political scenario keeps weighting on the already deteriorated sentiment around USD, while ‘Trumpcare’ and the Russia-gate woes still far from abated.
In the data space, yesterday’s advanced manufacturing and services PMI readings gave some brief support to the buck, although the subsequent disappointing figures from the housing sector forced the initial optimism to evaporate.
Later today, the S&P/Case-Shiller index is due followed by the CB’s consumer confidence gauge, while cautiousness keeps growing bigger ahead of the FOMC meeting due tomorrow.
US Dollar relevant levels
The index is losing 0.16% at 93.67 and a break below 93.65 (2017 low Jul.24) would open the door to 93.41 (low Jun.8 2016) and finally 93.03 (low Jun.23 2016). On the upside, the next up barrier emerges at 93.94 (high Jul.24) seconded by 94.51 (10-day sma) and then 94.98 (high Jul.20).
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