Falling another 0.35% today, the Bloomberg US Dollar Index is notching its fourth consecutive day with a decline. Over the past four days, the greenback has fallen 1.38% which was the worst four-day stretch since the first days of June.  Not only is that resulting in the US Dollar Index reaching extremely oversold levels as it currently sits 2.25% from its 50-DMA, but it also now sits at a critical technical level.  Before rocketing up to a record high on March 23rd, on March 9th the dollar index found a bottom at 1190.98.  That is around similar levels to the mid-December 2019 and just above December 31st, 2019 lows.  With today’s decline, the dollar index has now dropped 8.17% from the March high, marking a full round trip from its pre-COVID spike. Click here to view Bespoke’s premium membership options for our best research available.

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