US Dollar plummets to 95.00 post-ISM

The greenback – measured by the US Dollar Index – met extra downside pressure today, currently testing fresh lows in the 95.00 neighbourhood.

US Dollar weaker on ISM miss

The index dropped further after US ISM Non-manufacturing has come in below estimates during August, retreating to 51.4 vs. 55.7 expected and July’s 55.5.

Further data also saw September’s IBD/TIPP Economic Optimism index and the Fed’s Labor Market Conditions Index following suit, down to 46.7 and -0.7, respectively.

USD quickly fell to multi-day lows near the critical support at 95.00 the figure in the wake of the releases, where it seems to have found some respite for the time being.

US Dollar relevant levels

The index is losing 0.76% at 95.11 with the next support at 94.81 (78.6% Fibo of the July-August drop) ahead of 94.64 (support line off 2016 low) and then 94.05 (low Aug.18). On the other hand, a breakout of 96.26 (200-day sma) would open the door to 96.50 (high Aug.5) and finally 96.86 (high Jun.27).