US Dollar drops further on data

The greenback, tracked by the US Dollar Index, is now losing the grip vs. its rivals, testing session lows near 95.40.

US Dollar weaker ahead of Fedspeak

The index has receded from earlier tops near 95.70, as the risk-on sentiment seems to have returned to the markets. Collaborating with today’s downside, Markit’s flash Services PMI has missed consensus for the current month in the US economy, while crude oil prices continue to inch higher.

Market participants will now focus on the upcoming speeches by FOMC’s Kashkari and Kaplan in light of the recent hawkish comments by other peers.

US Dollar relevant levels

The index is losing 0.13% at 95.45 and a breakdown of 95.11 (low May 23) would target 94.78 (55-day sma) and then 94.26 (20-day sma). On the other hand, the initial up barrier aligns at 96.20 (100-day sma) followed by 96.42 (high Mar.28) and finally 96.66 (200-day sma).