13 May 2015
DXY slumps to 93.50
FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback against a basket of its main rivals, has given away weekly gains and is now challenging session lows in the mid-93.00s.
DXY in multi-week lows
The offered tone around the dollar accelerated today following the disappointing results from the US docket, with both April’s Retail Sales and March’s Business Inventories coming in below expectations.
Another key miss from the US calendar left the dollar more vulnerable, relegating the index to re-visit levels last traded in early February around 93.50. In the meantime, market expectations for a Fed’s rate hike in September could run out of steam in favour of a later lift-off, probably December.
DXY relevant levels
The index is now retreating 1.03 % at 93.55 with the next support at 93.26 (low Feb. 2) followed by 92.51 (low Jan.22) and then 92.20 (low Jan.21). On the upside, a breakout of 94.59 (high May 13) would open the door to 95.25 (high May 11) and finally 95.62 (high May 4).
DXY in multi-week lows
The offered tone around the dollar accelerated today following the disappointing results from the US docket, with both April’s Retail Sales and March’s Business Inventories coming in below expectations.
Another key miss from the US calendar left the dollar more vulnerable, relegating the index to re-visit levels last traded in early February around 93.50. In the meantime, market expectations for a Fed’s rate hike in September could run out of steam in favour of a later lift-off, probably December.
DXY relevant levels
The index is now retreating 1.03 % at 93.55 with the next support at 93.26 (low Feb. 2) followed by 92.51 (low Jan.22) and then 92.20 (low Jan.21). On the upside, a breakout of 94.59 (high May 13) would open the door to 95.25 (high May 11) and finally 95.62 (high May 4).