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US Dollar plummets below 96.00

FXStreet (Edinburgh) - The offered tone is now picking up pace around the greenback, dragging the US Dollar Index, to session lows in sub-96.00 levels.

US Dollar in 5-week lows

The greenback is extending yesterday’s FOMC-led sell off, now dropping to multi-week lows around 95.90/80 so far. The index is now mired in the negative territory despite results from US Existing Home Sales (5.59 M act.) and the manufacturing survey by the Philly Fed (8.3 act.) have both come in above forecasts.

Market expectations of a Fed’s lift-off in September seem to have lost traction following yesterday’s dovish tone by the FOMC minutes, opening the door for a rate hike later in the year, probably in December.

US Dollar relevant levels

As of writing the index is down 0.38% at 95.99 facing the immediate support at 95.85 (low Aug.20) ahead of 95.63 (low Jul.13) and finally 95.46 (low Jul.10). On the upside, a breakout of 97.33 (high Aug.12) would aim for 97.59 (high Aug.11) and then 97.92 (high Aug.10).

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