US Dollar turns negative below 94.50

The greenback, measured by the US Dollar Index, is coming under further selling pressure and testing session lows in the 94.40 area.

US Dollar softer ahead of Fedspeak

USD is trading closer to YTD lows in the 94.00 neighbourhood in response to comments by New York Fed W.Dudley, who advocated for a cautious approach when comes to rate hikes while he showed concerns over the low level of consumer prices. Dudley also sees the US economy growing 2% in 2016.

Ahead in the session, speeches by Philadelphia Fed P.Harker and Dallas Fed R.Kaplan will keep investors entertained on an otherwise empty US docket. 

US Dollar relevant levels

The index is down 0.07% at 94.43 and a breakdown of 94.03 (2016 low Apr.7) would expose 93.83 (monthly low Oct.15 2015). On the other hand, the next hurdle lines up at 95.30 (20-day sma) followed by 95.77 (38.2% Fibo of 98.59-94.03) and finally 96.42 (high Mar.28).