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US Dollar drops to lows near 96.80

FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, keeps trimming recent gains and is now hovering over session lows in the 96.90/85 band.

US Dollar retreats from 97.20

After testing 2-month lows above the 97.00 handle following the PBoC move on Friday, a fresh wave of risk appetite and profit-taking sentiment are now relegating the index to trade in the lower bound of the daily range near 96.80.

Adding to USD weakness, poor results from the US housing sector saw New Home Sales dropping to 468K during September, while the Dallas Fed have also missed consensus dropping to -12.7 vs. -6 initially estimated.

US Dollar significant levels

As of writing the US Dollar Index is losing 0.29% at 96.90 facing the next support at 96.15 (61.8% Fibo of 98.40-92.52) followed by 95.66 and then 94.12 (uptrend from August low). On the other hand, a breakout of 97.30 (high Oct.23) would expose 98.40 (monthly high Aug.7) and finally 99.00 (psychological level).

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