31 Jul 2013
US Dollar Index flat, FOMC eyed
FXstreet.com (Edinburgh) -The greenback, tracked by the US Dollar index, is trading around Tuesday’s close ahead of the FOMC meeting due later.
DXY remains vulnerable
Its seems that the sharp pullback from multi-year highs beyond 84.70 in early July found strong support around the mid 81.00s, with the index picking up pace to today’s highs around 82.20. In the view of Sebastien Galy, Analyst at Societe Generale, commented “Again most expect the Fed to stay dovish and guarded, again the market does not seem to fully price this in, suggesting the initial reaction should be USD weakness”.
DXY key levels
The index is now trading flat at 81.84 facing the next resistance at 82.00 followed by 82.40 and finally 82.65. On the flip side, a break below 81.50 would expose 81.25 and then 81.00.
DXY remains vulnerable
Its seems that the sharp pullback from multi-year highs beyond 84.70 in early July found strong support around the mid 81.00s, with the index picking up pace to today’s highs around 82.20. In the view of Sebastien Galy, Analyst at Societe Generale, commented “Again most expect the Fed to stay dovish and guarded, again the market does not seem to fully price this in, suggesting the initial reaction should be USD weakness”.
DXY key levels
The index is now trading flat at 81.84 facing the next resistance at 82.00 followed by 82.40 and finally 82.65. On the flip side, a break below 81.50 would expose 81.25 and then 81.00.