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21 Aug 2015
US Dollar extends the downside to 95.40
FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main rivals, continues to trade on a heavy tone and testing lows around 95.40.
US Dollar in 7-week lows
The sedative effects of the recent FOMC minutes continue to take a toll on the dollar, dragging the index to levels last seen in early July around the mid-95.00s. Auspicious results from US Existing Home Sales and the Philly Fed as of late did nothing to curb the downbeat sentiment around USD, which remains on the back footing amidst market expectations of a Fed’s rate hike for later in the year, with December arising as the main candidate.
Ahead in the session, the only release in the US docket will be the preliminary Manufacturing PMI gauged by Markit for the month of August, expected a tad better to 54.0 vs. 53.8 previous.
US Dollar relevant levels
As of writing the index is down 0.43% at 95.57 facing the immediate support at 95.40 (low Aug.21) ahead of 95.08 (low Jun.25) and finally 94.93 (low Jun.24). On the upside, a breakout of 96.57 (high Aug.20) would aim for 97.07 (high Aug.19) and then 97.33 (high Aug.12).
US Dollar in 7-week lows
The sedative effects of the recent FOMC minutes continue to take a toll on the dollar, dragging the index to levels last seen in early July around the mid-95.00s. Auspicious results from US Existing Home Sales and the Philly Fed as of late did nothing to curb the downbeat sentiment around USD, which remains on the back footing amidst market expectations of a Fed’s rate hike for later in the year, with December arising as the main candidate.
Ahead in the session, the only release in the US docket will be the preliminary Manufacturing PMI gauged by Markit for the month of August, expected a tad better to 54.0 vs. 53.8 previous.
US Dollar relevant levels
As of writing the index is down 0.43% at 95.57 facing the immediate support at 95.40 (low Aug.21) ahead of 95.08 (low Jun.25) and finally 94.93 (low Jun.24). On the upside, a breakout of 96.57 (high Aug.20) would aim for 97.07 (high Aug.19) and then 97.33 (high Aug.12).