US Dollar weaker, flirting with lows near 91.70

13 Sep 2017

The greenback, in terms of the US Dollar Index, is trading on a soft note on Wednesday around the 91.70 region, or daily lows.

US Dollar attention to yields, data

The index is prolonging its weekly correction lower today, coming down from yesterday’s ephemeral tops just above the critical barrier at 92.00 the figure.

The move lower in the buck has been in tandem with yields of the key 10-year benchmark, which continue to retrace Tuesday’s spike to the boundaries of the 2.18% level. In addition, risk-on sentiment failed to give extra oxygen to USD while some headlines regarding Trump’s tax reforms plans also passed unnoticed among traders.

On the US data front, August’s producer prices will be the salient event today seconded by the weekly report on US crude oil inventories by the DoE.

US Dollar relevant levels

As of writing the index is retreating 0.17% at 91.73 and a break below 91.42 (low Sep.11) would open the door to 91.01 (2017 low Sep.8) and then 87.63 (low Dec.16 2014). On the upside, the next hurdle is located at 92.07 (high Sep.12) followed by 92.12 (10-day sma) and finally 92.62 (21-day sma).

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