The US Dollar has a volatile start of the week, though it is on the back foot early on Monday. Talk of the town is the surprise gain of the left coalition in France. The US Dollar index hovers around 105.00, testing a vital level of support. The US Dollar whipsaws on Monday, with markets celebrating the outcome of the second round of elections in France.
All eyes will be on the bond markets because the declines in European yields are also spilling over into US bonds, where a further decline could drive the DXY lower. On the upside, the 55-day Simple Moving Average at 105.18 has now turned into resistance after an early test during the Asian session received a firm rejection and pushed the DXY further down again to test the 105.00 level. Should that 55-day SMA be reclaimed again, 105.53 and 105.89 are the next nearby pivotal levels.
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