US Dollar bounces off lows, back near 94.50

The US Dollar Index, which tracks the buck vs. its main rivals, remains entrenched in the negative territory today, albeit managing to rebound to the 94.50/55 band.

US Dollar weaker ahead of Fedspeak

The bearish note around USD remains unchanged so far today, intensified after yesterday’s dovish statement from the FOMC has re-confirmed that the Federal Reserve remains on ‘pause’ mode.

In the meantime, the index keeps navigating in 2-month levels following a positive reading from last week’s Initial Claims and the improvement from the Philly Fed manufacturing index for the current month, all ahead of the speeches by FOMC’s Dudley and Williams.

US Dollar relevant levels

The index is retreating 0.24% at 94.50 facing the immediate support at 94.28 (up trend off 2016 low at 91.88) followed by 93.03 (low Jun.23) and then 91.88 (2016 low May 3). On the upside, a break above 95.11 (100-day sma) would open the door to 96.50 (high Aug.5) and finally 97.05 (78.6% Fibo of July-August drop).