12 Dec 2013
DXY straddling the flat line as the Asian session wears on. 79.63 next stop?
FXstreet.com (Barcelona) - Even as some of the key contributors to the US Dollar Index (DXY) are showing signs of possibly commencing modest corrections, the DXY is failing to show any real signs of reversing the short-term bear trend.
Lots of news and data to influence the DXY for the rest of the Thursday session
Before we get to the data which is due out later today, it is worth mentioning that traders will be monitoring the happenings in Washington, DC as any interruptions to potential progress on the US Budget discussions will be an additional weight around the DXY’s neck.
In terms of major DXY-moving data flow Thursday, the following news / data items will be released:
• Another Mario Draghi speech
• EuroZone Industrial Production
• And, the ECB’s Monthly Report on the EuroZone Economy
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• US Business Inventories
Technical outlook for the DXY
At 79.88 and falling, technicians say the DXY appears to be on track for at least a test of at least 79.85 and possibly down to 79.63. The DXY bulls can still make a stand down there and rocket the greenback higher, but they certainly would loose some more of their bravado should 79.63 be broken. The ultimate “line in the sand” for DXY bulls comes in at 79.00. Resistance for DXY comes in at the previous support of 80.53.
Lots of news and data to influence the DXY for the rest of the Thursday session
Before we get to the data which is due out later today, it is worth mentioning that traders will be monitoring the happenings in Washington, DC as any interruptions to potential progress on the US Budget discussions will be an additional weight around the DXY’s neck.
In terms of major DXY-moving data flow Thursday, the following news / data items will be released:
• Another Mario Draghi speech
• EuroZone Industrial Production
• And, the ECB’s Monthly Report on the EuroZone Economy
• US weekly Jobless Claims
• US Import / Export Prices
• US Retail Sales
• US Business Inventories
Technical outlook for the DXY
At 79.88 and falling, technicians say the DXY appears to be on track for at least a test of at least 79.85 and possibly down to 79.63. The DXY bulls can still make a stand down there and rocket the greenback higher, but they certainly would loose some more of their bravado should 79.63 be broken. The ultimate “line in the sand” for DXY bulls comes in at 79.00. Resistance for DXY comes in at the previous support of 80.53.