US Dollar finds support near 93.70, Trump, trade on sight

• The greenback remains on the defensive near lows around 93.70.
• Yields of the US 10-year note climb to daily highs beyond 2.85%.
• Attention stays on US-China trade dispute, Trump-Putin meeting.

The US Dollar Index, which gauges the buck vs. a basket of its main rivals, is extending the bearish mood at the beginning of the week although some support appears to have emerged near 93.70.

US Dollar looks to trade, Trump

The index is down for the second consecutive session so far on Monday, trading in the negative territory for yet another day as investors continue to adjust to June’s non-farm payrolls figures (Friday).

The down move in the buck has been accompanied by a recovery in yields of the key US 10-year reference from post-Payrolls lows in the 2.80% neighbourhood to the current 2.85% area.

Nothing worth mentioning in the US data universe, while all the attention should be on the upcoming Trump-Putin meeting and headlines from the US-China trade front.

US Dollar relevant levels

As of writing the index is down 0.21% at 93.82 and a breakdown of 93.71 (low Jul.9) would target 93.19 (low Jun.14) en route to 93.12 (38.2% Fibo of April-June up move). On the flip side, the next hurdle is located at 94.04 (23.6% Fibo of April-June up move) followed by 94.51 (10-day sma) and then 94.61 (21-day sma).