FXStreet (Edinburgh) – The greenback, measured by the US Dollar Index, remains on the negative territory on Wednesday albeit it has managed to bounce off lows around 95.20.
DXY weaker post US data, Bunds
The US dollar has sharply reverted the promising start today, after the sell off in the German deb markets catapulted 10-year Bund yields to fresh ytd peaks, giving extra oxygen to the euro and the rest of the risk-associated universe. The steady stance from the ECB at its meeting today has also collaborated with the USD downside.
In the same direction, poor US results from the Services PMI and the ISM Non manufacturing more than eclipsed previous auspicious releases from the US trade balance and the ADP report, dragging the index to multi-day lows in the 95.20 region.
DXY relevant levels
The index is now losing 0.34% at 95.50 with the immediate support at 95.21 (low Jun.3) followed by 95.05 (low May 21) and then 94.82 (low May 22). On the upside, a surpass of 96.51 (high Jun.3) would open the door to 97.68 (high Jun.1) and finally 97.77 (high May 27).
(Market News Provided by FXstreet)