FXStreet (Edinburgh) – A mixed-to-dovish tone from today’s FOMC minutes has sent US Dollar Index to test the lower band of the daily range near 96.40.
US Dollar slumps on minutes
The greenback has dropped like a stone after the Committee argued that more information is still needed to decide on a rate hike, while some members noted the lack of evidence on consumer prices moving to the Fed’s 2% target.
The Committee has given no clues regarding a lift-off in September, although it has not been ruled out.
US Dollar relevant levels
As of writing the index is down 0.56% at 96.50 facing the immediate support at 95.92 (low Aug.12) ahead of 95.63 (low Jul.13) and finally 95.46 (low Jul.10). On the upside, a breakout of 97.33 (high Aug.12) would aim for 97.59 (high Aug.11) and then 97.92 (high Aug.10).
(Market News Provided by FXstreet)