US Dollar plummets below 96.00, Fedspeak eyed

The decline in the greenback is everything but abated today, with the US Dollar Index testing fresh lows in sub-96.00 levels.

US Dollar now looks to Fedspeak

The downside momentum in USD has picked up further pace after US advanced GDP figures have disappointed expectations for the second quarter along with a revision lower for Q1 GDP.

The index rapidly slumped to 3-week lows near 95.70, surrendering part part of the recent rally to Monday’s highs around 97.60 and trading in the vicinity of the 38.2% retracement of the June-July up move.

Alter in the NA session, the final print of the Reuters/Michigan index for the month of July is due ahead of speeches by Williams and Kaplan.

US Dollar relevant levels

The index is losing 0.90% at 95.82 and a break below 95.54 (55-day sma) would open the door to 95.38 (low Jul.5) and finally 95.32 (50% Fibo retracement of 93.03-97.62). On the other hand, the next resistance lines up at 97.62 (high Jul.25) followed by 98.58 (high Mar.1) and then 99.95 (high Jan.21).