US Dollar Index finds support near 95.20
|- The index tumbles to fresh lows in the 95.20 region on Thursday.
- Yields of the US 10-year reference dropped to the 3.14%.
- US inflation figures tracked by the CPI next of relevance in the docket.
The greenback, in terms of the US Dollar Index (DXY), is trading on the defensive for yet another session although it appears to have found support in the 95.20 region.
US Dollar Index looks to data
The index is down for the third session in a row today after failing to sustain the breakout of the 96.00 barrier on Tuesday, finding some support around today’s lows in the 95.20 area.
Renewed concerns over the trade dispute between China and the US and rising yields in the US money markets motivated a sharp sell off in the US stocks markets, denting investors’ sentiment and prompting President Trump to resume his criticism of the Fed’s tightening cycle.
Looking ahead the attention will be on US inflation figures gauged by the CPI for the month of September, seconded by the usual weekly report on the labour market and the DoE’s report on US crude oil supplies.
US Dollar Index relevant levels
As of writing the index is up 0.17% at 95.36 and faces immediate support at 95.18 (low Oct.11) seconded by 94.95 (21-day SMA) and then 94.20 (38.2% Fibo of the 2017-2018 drop). On the upside, a breakout of 96.16 (high Oct.9) would open the door to 96.98 (2018 high Aug.13) and finally 97.87 (61.8% Fibo retracement of the 2017-2018 drop).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.