The greenback, gauged by the US Dollar Index, has intensified its bearish bias today, currently testing fresh lows in the 95.55/50.
US Dollar lost traction post-US data
The index dropped further after Consumer Confidence tracked by the Conference Board and the Chicago PMI have both missed consensus for the current month, pouring cold water over the upside momentum in USD.
Previously, May’s Personal Spending and home prices gauged by the S&P/Case-Shiller index have come in on a stronger note in combination with in-line inflation figures measured by the PCE for the month of April.
DXY remains on the downside for the second consecutive session, retreating from yesterday’s peaks in the boundaries of the 96.00 handle.
US Dollar relevant levels
The index is losing 0.24% at 95.49 and a break below 95.11 (low May 23) would open the door to 94.73 (20-day sma) and then 94.70 (55-day sma). On the flip side, the initial up barrier lines up at 95.97 (high May 30) seconded by 96.06 (100-day sma) and finally 96.42 (high Mar.28).
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