29 Jul 2013
US Dollar Index retreats from highs
FXstreet.com (Edinburgh) -The greenback, measured by the US Dollar Index, is partially retracing last week’s losses around the 81.70 region after hitting peaks above 81.80.
DXY focused on FOMC
Wednesday will be a key day as the US GDP figures for the second quarter are due ahead of the FOMC meeting, al preceding Friday’s US Payrolls. In the opinion of analysts at TD Securities, “The near-term outlook suggests that the USD risks retaining a soft bias… The key issue for the USD is how the NFP data shapes up at the end of the week and what those numbers mean for tapering expectations as we move into the latter part of the year… The USD’s slide is showing signs of consolidating and while further weakness cannot be excluded, the technical balance of risks suggests an oversold USD that has found support at a key retracement point may push a little higher now”.
DXY key levels
The index is now up 0.15% at 81.72 with the next resistance at 81.95 followed by 82.20 and then 82.40. On the downside, a break below 81.50 would expose 81.25 and finally 81.00.
DXY focused on FOMC
Wednesday will be a key day as the US GDP figures for the second quarter are due ahead of the FOMC meeting, al preceding Friday’s US Payrolls. In the opinion of analysts at TD Securities, “The near-term outlook suggests that the USD risks retaining a soft bias… The key issue for the USD is how the NFP data shapes up at the end of the week and what those numbers mean for tapering expectations as we move into the latter part of the year… The USD’s slide is showing signs of consolidating and while further weakness cannot be excluded, the technical balance of risks suggests an oversold USD that has found support at a key retracement point may push a little higher now”.
DXY key levels
The index is now up 0.15% at 81.72 with the next resistance at 81.95 followed by 82.20 and then 82.40. On the downside, a break below 81.50 would expose 81.25 and finally 81.00.