US Dollar finds contention near 93.40, Fedspeak eyed
|- The index stays offered in early European trade on Friday.
- US 10-year yields drop to session lows near 3.10%.
- FOMC’s Brainard and Kaplan due to speak later in the day.
The greenback, tracked by the US Dollar Index (DXY), is now losing the grip albeit it seems to have met some support in the vicinity of 93.40.
US Dollar looks to Fedspeak, yields
The index is trading within the negative territory today for the first time after four consecutive daily advances, including fresh YTD tops in the 93.60/65 band recorded earlier in the week.
The buck is tracking the performance of yields of the key US 10-year benchmark, which is currently navigating the area of daily lows around 3.10% after climbing to multi-year peaks beyond 3.12% during early trade.
Earlier in the day, Cleveland Fed L.Mester (voter, hawkish) said the US economy is near the Fed’s goals.
There are no data releases in the US calendar today, whereas the attention should be on the speeches by FOMC’s L.Brainard (permanent voter, dovish) and Dallas Fed R.Kaplan (non voter, hawkish).
US Dollar relevant levels
As of writing the index is losing 0.11% at 93.38 and a breakdown of 93.02 (10-day sma) would aim for 92.59 (23.6% Fibo of 89.23-93.45) and finally 92.24 (low May 13). On the other hand, the next resistance at 93.63 (2018 high May 16) followed by 94.22 (high Dec.11 2017) and then 94.27 (high Oct.5 2017).
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