The US Dollar eases further at the start of a fresh week. The Greenback pulls back with risk on sentiment taking over. The US Dollar Index hovers around 104.50 and retreats further below. The US Dollar is starting the week as it closed off the previous week: with some easing. Equities are on the front foot this Monday while commodities are trading higher, pushing the Greenback into some easing.
With a rather light economic data calendar ahead for this week, room for more risk on is present and could mean that the DXY slides below the 104.00 marker. On the upside, several levels need to be regained again after Wednesday’s firm correction. The first is the 55-day Simple Moving Average at 104.68, together with a pivotal level at 104.60. The next step up will be 105.12 and 105.52. On the downside, the 100-day SMA around 104.11 is the last man standing to support the decline.