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US Dollar tanks below 95.00 post-Fed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback, tracked by the US Dollar Index, continues to give away ground on Thursday, now quickly breaking the key support at 95.00 the figure.

    US Dollar much weaker on FOMC

    The index has rapidly left behind the 95.00 key support and is now navigating fresh 2016 lows in the 94.80/70 band as market participants keep adjusting to yesterday’s dovish announcements by the Federal Reserve.

    The now more dovish stance of the Committee has lifted the sentiment surrounding the risk-associated space today, propped up at the same time by the persistent rally in crude oil prices.

    Ahead in the US docket, Initial Claims are due followed by the Philly Fed manufacturing survey and JOLTs Job Openings.

    US Dollar relevant levels

    The index is up 0.91% at 94.84 facing the next support at 94.19 (monthly low Sep.18 2015) followed by 93.83 (monthly low Oct.15 2015) and finally 93.30 (monthly low Jun.18 2015). On the flip side, a breakout of 95.57 (low post-FOMC Mar.16) would expose 97.12 (200-day sma) and then 97.77 (55-day sma).
    For more information, read our latest forex news.
     

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