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US Dollar slumps post-ISM, near 99.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback, measured by the US Dollar Index, has quickly breached the psychological floor at 100.00 and extended the drop to fresh lows near 99.70.

    US Dollar weaker on US data

    The index is posting weekly lows in the vicinity of 99.80 after the ISM Manufacturing PMI has surprised markets to the downside during November, coming in at 48.6 vs. 50.3 initially estimated and down from October’s 50.1.

    On the brighter side, Construction Spending gained 1.0% inter-month in October, while Markit’s Manufacturing PMI edged higher to 52.8 for the current month (vs. 52.6 expected and previous).

    Today’s poor performance of US Treasuries is also collaborating with the downbeat tone surrounding the dollar, although the probability of a Fed’s rate hike this month remains unchanged, nearly 80%.

    US Dollar significant levels

    As of writing the US Dollar Index is losing 0.43% at 99.84 facing the next support at 98.50 (low Nov.12) ahead of 97.17 (55-day sma) and finally 94.99 (3-month uptrend). On the other hand, a surpass of 100.38 (2015 high Mar.13) would expose 101.00 (psychological level).
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