US Dollar stays depressed near 100.30

The greenback – tracked by the US Dollar Index (DXY) – stays under pressure at the beginning of the week, currently hovering over the 100.30 region.

US Dollar focus on data

The index has retaken the psychological 100.00 handle after briefly dipping to fresh lows in the vicinity of the 99.90 area on Friday following comments by President D.Trump.

It is worth recalling that the buck suffered on Friday after Trump hinted at the likeliness that the promised tax reform, and thus the fiscal stimulus, could come later than initially estimated.

USD has snapped two consecutive weeks with gains last week, extending the rejection from recent peaks in the 101.20 area seen on April 10.

On another direction, the greenback remains well supported from the speculative community, with net longs escalating to 3-week tops on the week to April 11, as shown by the latest CFTC report.

Data wise today, the NY Empire State index and the NAHB index are due along with TIC Flows.

US Dollar relevant levels

The index is losing 0.17% at 100.32 facing the initial support at 100.04 (38.2% Fibo of the March drop) followed by 99.93 (low Apr.6) and finally 99.51 (23.6% Fibo of the March drop). On the other hand, a break above 100.63 (55-day sma) would aim for 100.88 (61.8% Fibo of the March drop) and then 101.07 (100-day sma).