US Dollar sidelined below 94.00

The greenback, tracked by the US Dollar Index, has eroded last week’s advance and has now returned to sub-94.00 levels.

US Dollar weaker as risk appetite soars

The index has fully faded Friday’s spike to multi-day tops in the 95.50 area and is now hovering over the 93.75/70 band, levels last seen in early June.

A wave of selling pressure is dragging USD lower following a significant pick up in the risk appetite trends, after hopes of the UK staying as a member of the European Union have been renewed over the weekend.

Data wise in the US docket, the only event will be the speech by FOMC’s N.Kashkari (non voter).

US Dollar relevant levels

The index is losing 0.55% at 93.78 facing the next support at 93.41 (low Jun.8) ahead of 92.76 (78.6% Fibo of the May up move) and then 91.88 (2016 low May 3). On the other hand, a breakout of 95.53 (high Jun.16) would target 95.96 (high May 30) en route to 96.56 (200-day sma).