US Dollar tumbles to 5-week lows near 93.00
- DXY weaker near the 93.00 handle.
- US 10-year yields closed around 2.32% on Wednesday.
- US markets stay closed today due to Thanksgiving Day.
The greenback, gauged by the US Dollar Index (DXY), remains on the defensive so far this week and is trading close to the critical support at 93.00 the figure.
US Dollar weaker post-FOMC
The index is extending its bearish note for the third straight week so far today, quickly shedding ground after briefly testing fresh double-tops just above the 95.00 limestone in late October and early September.
USD intensified the downside after the FOMC minutes published on Wednesday noted some members of the Committee remain worried about the lack of traction in US inflation despite the tighter conditions in the labour market.
That, plus the absence of sustainable progress in the US tax reform sponsored by the Trump administration hurt the buck and forced DXY to eased even further ground to the boundaries of 93.00 the figure.
USD should remain vulnerable today in light of thin trade conditions and marginal volatility due to the Thanksgiving Day holiday in the US markets.
US Dollar relevant levels
As of writing the index is retreating 0.13% at 93.13 and a breakdown of 93.08 (low Nov.23) would aim for 92.75 (low Oct.13) and finally 91.53 (low Sep.20). On the other hand, the initial hurdle lines up at 93.47 (55-day sma) seconded by 93.54 (100-day sma) and then 93.85 (10-day sma).