US Dollar Index cuts losses, regains 96.60
|- The index remains on the defensive well below 97.00.
- Yields of the US 10-year note also come back and test 2.97%.
- Next on tap will be FOMC’s Williams and the IBD/TIPP index.
The offered bias remains unchanged around the greenback during the first half of the week, fording the US Dollar Index (DXY), to recede and test fresh multi-day lows near 96.40.
US Dollar Index weaker on risk-on sentiment
The index trades with losses for the second day in a row amidst a better mood in the riskier assets, all almost exclusively in response to the recently announced US-China 90-day trade truce.
The preference for the risk-associated complex has been also weighing on yields of the key US 10-year note, which dropped to fresh 3-month below the critical support at the 3.0% mark.
In the meantime, NY Fed and permanent voter J.Williams is due to speak later along with the release of the IBD/TIPP index.
US Dollar Index relevant levels
As of writing the index is losing 0.38% at 96.59 and a break below 96.32 (low Nov.22) would open the door to 96.04 (low Nov.20) and finally 95.68 (low Nov.7). On the flip side, the next hurdle emerges at 97.53 (high Nov.28) seconded by 97.69 (2018 high Nov.12) and then 97.87 (61.8% Fibo retracement of the 2017-2018 drop).
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