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US Dollar tumbles further to 92.60, 2-month lows

  • DXY extends the weakness to 92.60.
  • US 10-year yields on the back foot near 2.34%.
  • US new home sales only on the docket.

The greenback, in terms of the US Dollar Index, is prolonging the downside at the beginning of the week and is flirting with daily lows in the 92.65/60 band.

US Dollar weaker on US politics

The index is picking up extra pace following the opening bell in Euroland and in response to the continuation of the rally in EUR/USD, which is trading in levels last seen in late September in the mid-1.1900s.

Uncertainty surrounding the US political scenario continues to weigh on the buck as market participants keep unwinding their USD long positions. Lack of headlines and absence of progress in the US tax reform sponsored by the White House also remain a drag for the greenback, while President Trump is expected to meet Senate Republicans later in the week.

In the US data space, October’s new home sales are only due later followed by the speech by Minneapolis Fed N.Kashkari (voter, dovish).

US Dollar relevant levels

As of writing the index is losing 0.12% at 92.65 and a breakdown of 91.78 (low Sep.22) would aim for 91.53 (low Sep.20) and finally 91.01 (2017 low Sep.8). On the other hand, the initial hurdle lines up at 93.25 (high Nov.24) seconded by 93.51 (10-day sma) and then 94.03 (23.6% Fibo of 2017 drop).

 

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