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US Dollar drops further to 96.70

FXStreet (Edinburgh) - The US Dollar Index, which gauges the greenback vs. its main rivals, is extending its correction lower today, currently testing lows near 96.70.

US Dollar weaker on data, sentiment

The offered tone around the dollar has been fuelled by month-end flows and disappointing results from today’s US docket, where Personal Income/Spending and the Reuters/Michigan index have all missed initial estimates.

In addition, the profit-taking bias around USD seems to still linger amongst traders, which continue to cash up recent strong gains following the FOMC meeting.

US Dollar significant levels

As of writing the US Dollar Index is down 0.65% at 96.73 with the immediate support at 96.51 (low Oct.28) followed by 96.22 (200-day sma) and finally 95.86 (50% Fibo of 93.83-97.89). On the upside, a surpass of 97.89 (high post-FOMC Oct.28) would expose 98.40 (monthly high Aug.7) and finally 99.00 (psychological level).

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