US Dollar falls further, in 2017 lows near 93.50

The selling pressure around the greenback is now picking up further pace, dragging the US Dollar Index to fresh 2017 lows around 93.50.

US Dollar next target 91.88?

Sell-orders keep building up around the buck during the first half of the week, forcing the index to recede further and at the same time open the door for a potential test of 2016 lows in the 91.90 region in case the sentiment continues to deteriorate.

In the data space, the S&P/Case-Shiller index came in below expectations, rising at an annualized 5.7% in May ahead of the publication of US consumer confidence gauged by the Conference Board.

The buck’s drop is opposed by the sharp up tick in yields of the 10-year benchmark, which clinched fresh multi-day tops around the key 2.30% level, up from Friday’s 2.25% area.

US Dollar relevant levels

The index is losing 0.28% at 93.56 and a break below 93.46 (2017 low Jul.25) would open the door to 93.41 (low Jun.8 2016) and finally 93.03 (low Jun.23 2016). On the upside, the next up barrier emerges at 93.94 (high Jul.24) seconded by 94.51 (10-day sma) and then 94.98 (high Jul.20).