22 Jul 2013
US Dollar Index extends the downside
FXstreet.com (Edinburgh) -The greenback, measured by the US Dollar index, is losing ground for the second consecutive session on Monday hovering over 82.45/50.
DXY in red ahead of US data
Traders’ focus will be on the US docket ahead in the day, with the activity index sponsored by the Chicago Fed followed by Existing Home Sales. Consensus expects the index to come in flat and home sales to have expanded 0.5% on a monthly basis in June. According to Mansoon Mohi-uddin, Director of Foreign Exchange Strategy at UBS assessed “ If the recent tightening in monetary conditions fails to dent consumer sentiment, the Fed will remain on track to start tapering its asset purchases from its September FOMC meeting. That underscores our bullish view on the dollar. We continue to see the greenback rising to
1.20, 1.41 and 110 against the euro, pound and yen respectively”.
DXY levels to watch
At the moment the index is losing 0.22% at 82.42 with the next support at 82.40 followed by 82.20 and then 82.00. On the flip side, a breakout of 83.00 would bring 83.20 and finally 83.45.
DXY in red ahead of US data
Traders’ focus will be on the US docket ahead in the day, with the activity index sponsored by the Chicago Fed followed by Existing Home Sales. Consensus expects the index to come in flat and home sales to have expanded 0.5% on a monthly basis in June. According to Mansoon Mohi-uddin, Director of Foreign Exchange Strategy at UBS assessed “ If the recent tightening in monetary conditions fails to dent consumer sentiment, the Fed will remain on track to start tapering its asset purchases from its September FOMC meeting. That underscores our bullish view on the dollar. We continue to see the greenback rising to
1.20, 1.41 and 110 against the euro, pound and yen respectively”.
DXY levels to watch
At the moment the index is losing 0.22% at 82.42 with the next support at 82.40 followed by 82.20 and then 82.00. On the flip side, a breakout of 83.00 would bring 83.20 and finally 83.45.