US Dollar tumbles to lows near 95.10 ahead of Fedspeak
|The greenback, tracked by the US Dollar Index, has come under renewed selling pressure on Monday, dropping to session lows near 95.10.
US Dollar focus on Fedspeak
The index has quickly eroded Friday’s decent gains and has re-focused on the lower bound of the range near the 95.00 handle as the risk-on trade has reverted its initial negative sentiment.
According to the latest CFTC report, USD speculative net longs have retreated to the lowest level since July 12 during the week ended on September 20, prior to the key FOMC meeting.
Later in the NA session, New Home Sales and the manufacturing gauge by the Dallas Fed are due, while speeches by N.Kashkari (2017 voter, neutral?), D.Tarullo (voter, dovish) and R.Kaplan (2017 voter, neutral?) will keep the attention on the dollar.
US Dollar relevant levels
The index is losing 0.22% at 95.26 and a break below 94.82 (support line off 2016 low) would open the door to 94.44 (low Sep.8) and finally 94.05 (low Aug.18). On the upside, the next hurdle aligns at 96.03 (200-day sma) ahead of 96.31 (spike post-BoJ Sep.21) and finally for 96.50 (high Aug.5).
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.