US Dollar weaker, still below 94.00

The greenback, tracked by the US Dollar Index, remains on the defensive today, navigating the area of daily lows in sub-94.00 levels.

US Dollar looks to data, Yellen

The index keeps the bearish note today, trading around 93.80 and fading part of yesterday’s gains to the vicinity of 94.20. The prevailing positive mood around the risk-associated space has removed some upside pressure from the dollar, while markets remain cautious ahead of tomorrow ‘Brexit’ referendum in the UK.

USD will remain in the limelight later in the NA, as another testimony by Yellen is due along with the release of May’s Exiting Home Sales.

US Dollar relevant levels

The index is losing 0.23% at 93.80 facing the next support at 93.41 (low Jun.8) ahead of 92.76 (78.6% Fibo of the May up move) and then 91.88 (2016 low May 3). On the other hand, a breakout of 94.44 (55-day sma) would target 95.00 (23.6% Fibo of the May up move) en route to 95.96 (high May 30).