US Dollar plummets to lows near 99.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, is sharply lower vs. its main rivals, currently testing the critical support at 99.00 the figure.

    US Dollar weaker on sentiment, data

    USD has gathered further downside pressure after the key US ISM Manufacturing has come in short of expectations at 48.2 for the month of January vs. consensus at 48.4. Previously, Markit’s manufacturing PMI and December’s Personal Spending have also come in below initial estimates.

    The selling mood has taken over USD since the opening bell in Asia today, as market participants keep cashing up last Friday’s strong gains following the rate cut by the BoJ.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.54% at 99.07 and a breakdown of 98.93 (55-day sma) would target 98.45 (low Jan.28) en route to 98.01 (38.2% Fibo of 93.82-100.60). On the other hand, the next hurdle lines up at 99.88 (high Jan.29) followed by 100.00 (psychological level) and then 100.60 (2015 high Dec.3).
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