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US Dollar weaker, breaks below 96.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US Dollar Index, which gauges the greenback vs. a trade weighed basket of its rivals, keeps giving away recent gains, now trading below the key 96.00 mark.

    US Dollar lower on data miss

    The greenback has lost upside momentum after US inflation figures tracked by the Core PCE have come in short of expectations during February, at an annualized 1.7% vs. 1.8% forecasted.

    USD has been initially supported by further comments by St. Louis Fed’s James Bullard, who once again left the door open for a potential rate hike at the Fed meeting in April.

    US Dollar relevant levels

    The index is losing 0.1% at 95.96 and a breakdown of 95.54 (23.6% of 98.59-94.61) would target 94.61 (2016 low Mar.18) en route to 94.19 (monthly low Sep.18 2015). On the flip side, the next hurdle aligns at 96.58 (20-day sma) followed by 97.14 (200-day sma) and finally 97.42 (55-day sma).
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