Dollar Index remains bid above 93.00 in Asia

The dollar index [DXY] remains bid above 93.00 handle as Asian desks digest Yellen's hawkish tone on the rates.

Also helping the greenback in Asia is the news that Trump is likely to announce a cut in corporate tax to 20%.

DXY rose to a high of 93.29 during the overnight trade after Yellen said, "that the Fed should be wary of moving too gradually.  She felt that persistently easy policy can hurt financial stability and she sees risks of the economy overheating without modest hikes over time."

However, the less enthusiastic comments from her colleagues - Kashkari, Dudley and Evans and the dismal US housing data and consumer confidence number saw the US dollar back-off from the highs.

The focus today will be on the durable goods and pending home sales reports and comments from Fed's Bullard and Brainard.

Dollar Index Technical Levels

A break above 93.29 [overnight highs] would open up upside towards 93.65 [trend line sloping lower from the April 10 high and May 11 high], which, if breached, shall make way for 94.00 [zero figure].

On the other hand, a breakdown of support at 92.89 [50-DMA] could yield 92.70 [Sep 20 high] and 92.62 [5-DMA].