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US Dollar tumbles further on US data, near 94.30

  • USD tested lows near 94.30.
  • U-Mich came in at 97.8 vs. 100.9 expected.
  • US 10-year yields remain close to daily highs.

Measured by the US Dollar Index (DXY), the buck continues to shed ground at the end of the week and is now testing the vicinity of 94.30, or daily lows.

US Dollar offered on data

The index gathered extra downside pace after the advance gauge of US consumer sentiment tracked by the Reuters/Michigan index is expected to come in at 97.8 for the current month vs. 100.9 initially estimated. According to the survey, concerns among consumers seem to gyrate around higher rates, inflation, jobs and wages.

The renewed offered bias around the buck remains well and sound in the second half of the week in spite of the up tick in yields of the US 10-year reference, which are trading near session tops around 2.38%.

In the meantime, all eyes remain on the US political arena and particularly over the tax reform plans proposed by the Senate Republican and the House bill, where the lack of progress keeps weighing on USD.

US Dollar relevant levels

As of writing the index is losing 0.22% at 94.33 and a breakdown of 94.19 (21-day sma) would aim for 94.03 (23.6% Fibo of the 2017 drop) and finally 93.76 (100-day sa) . On the upside, the immediate resistance aligns at 95.15 (high Nov.7) seconded by 95.90 (38.2% Fibo of the 2017 drop) and then 96.60 (200-day sma).

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