US Dollar tumbles to lows near 100.80

The US Dollar Index – which tracks the greenback vs. its main competitors – is extending the downside to fresh lows in the 100.85/80 band.

US Dollar looks to data

The index is retreating for the third session in a row at the end of the week, accelerating the decline below 101.00 the figure after being rejected once again from recent tops in the 101.70/75 region.

Markets were disappointed yesterday after comments by US Treasury Secretary S.Mnuchin failed to unveil further details on the ‘phenomenal’ tax reform announced by President D.Trump last week, hitting the Dollar and US yields and encouraging more sellers to step in.

On the data front today, the final February print of the Reuters/Michigan Index is due along with New Home Sales.

US Dollar relevant levels

The index is retreating 0.08% at 100.87 and a break below 100.74 (low Feb.20) would open the door to 100.55 (20-day sma) and then 100.40 (low Feb.16). On the other hand, the next up barrier aligns at 101.34 (55-day sma) followed by 101.75 (high Feb.15) and finally 101.95 (23.6% Fibo of the November-January up move).