US Dollar struggles around 93.00 ahead of FOMC minutes

The greenback, measured by the US Dollar Index, is holding on around the 93.00 handle so far, as the selling impetus seems to have taken a breather for the time being.

US Dollar looks to FOMC

The index has been losing ground since Friday’s tops in the 94.30 area recorded in the wake of September’s payrolls, although it appears that decent contention emerged around the key support at 93.00 the figure.

In the meantime, yields in the US money markets remain the exclusive driver of the buck, with the 10-year reference staging a moderate rebound from the 2.32% area (Tuesday’s lows) to the current boundaries of 2.36%, helping DXY to halt the decline around 93.00.

Later in the NA session, the greenback should stay in centre stage, as the FOMC will release its minutes, while Chicago Fed C.Evans (voter, centrist) and San Francisco Fed J.Williams (2018 voter, hawkish) are also due to speak.

US Dollar relevant levels

As of writing the index is losing 0.08% at 93.03 facing the initial support at 92.95 (low Sep.29) seconded by 92.90 (21-day sma) and then 91.01 (2017 low Sep.4). On the upside, a breakout of 94.03 (23.6% Fibo of the 2017 drop) would open the door to 94.27 (high Oct.6) and finally 94.43 (100-day sma).