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US Dollar around 93.90 post-US data

  • US existing home sales surprised to the upside.
  • US 10-year yields drop to lows near 2.34%.
  • DXY apathetic, stays within daily range.

Measured by the US Dollar Index (DXY), the greenback keeps the negative tone intact around the 93.90 area today in the wake of US data releases.

US Dollar offered, yields fall further

The index met extra downside pressure despite US existing home sales came in on a strong note in October, expanding 2% inter-month to 5.48 million units.

Earlier in the session, the Chicago Fed National Activity index rose to 0.65 in October, surpassing both estimates and September’s reading.

The knee-jerk in the buck came in tandem with a drop in yields of the key US 10-year benchmark to fresh lows near the 2.33% handle, around 4 bps lower than daily highs.

Ahead in the week, October’s durable goods orders are due tomorrow seconded by initial claims and the final print of the Reuters/Michigan index, all preceding the FOMC minutes. It is worth recalling that US markets will be closed on Thursday and Friday due to the Thanksgiving Day holiday.

US Dollar relevant levels

As of writing the index is retreating 0.13% at 93.95 and a breakdown of 93.60 (100-day sma) would aim for 93.43 (55-day sma) and finally 93.40 (low Nov.15). On the other hand, the initial hurdle lines up at 94.15 (10-day sma) seconded by 94.37 (21-day sma) and then 95.15 (high Nov.7).

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