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US Dollar plummets near 94.00

FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its main rivals, remains on the defensive camp today and dropping to the boundaries of the 94.00 handle.

US Dollar in 3-week lows

The greenback remains sharply lower at the end of the week, with the index testing levels last seen three weeks ago in the wake of the PBoC move (late August). USD continues to suffer the dovish tone struck by the FOMC at its meeting on Thursday, after the Federal Reserve decided to delay the rates lift-off, with the meeting in December emerging as the most likely candidate.

The Fed has decided to postpone the first rate hike after almost a decade until it sees further evidence that US consumer prices are firmly on their way towards the 2% target and the slack in the labour market diminishes further.

US Dollar levels to consider

At the moment the index is losing 0.50% at 94.08 facing the next support at 93.72 (low Aug.26) ahead of 93.25 (low Aug.25) and finally 92.59 (low Aug.24). On the flip side, a break above 95.61 (high Sep.16) would expose 96.53 (high Sep.4) ahead of 97.07 (high Aug.19).

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