8 Jul 2013
US Dollar Index in session lows
FXstreet.com (Edinburgh) - The US Dollar Index, which gauges the greenback against its major competitors, is trading in a softer tone on Monday, hovering over lows around 84.20/25.
DXY focus on the FOMC minutes
It seems that market participants are taking a breather on Monday, cashing up some recent gains after the pronounced upside in the USD. Despite today’s pullback, the greenback is not losing the bullish momentum ahead of the FOMC minutes due on Wednesday, bolstered by Friday’s solid NFP figures. “Some consolidation seems in order in the near-term as the markets digest the USD gains. But focus is clearly still on how soon the Fed will start to scale back its asset purchases so this week’s dose of Fed-speak and FOMC minutes should help keep the USD supported”, assessed the research team at TD Securities.
DXY levels to watch
The index is now losing 0.18% at 84.28 with the next support at 83.90 followed by 83.50 and finally 83.20. On the upside, a break above 84.70 would expose 85.00 and then 85.40.
DXY focus on the FOMC minutes
It seems that market participants are taking a breather on Monday, cashing up some recent gains after the pronounced upside in the USD. Despite today’s pullback, the greenback is not losing the bullish momentum ahead of the FOMC minutes due on Wednesday, bolstered by Friday’s solid NFP figures. “Some consolidation seems in order in the near-term as the markets digest the USD gains. But focus is clearly still on how soon the Fed will start to scale back its asset purchases so this week’s dose of Fed-speak and FOMC minutes should help keep the USD supported”, assessed the research team at TD Securities.
DXY levels to watch
The index is now losing 0.18% at 84.28 with the next support at 83.90 followed by 83.50 and finally 83.20. On the upside, a break above 84.70 would expose 85.00 and then 85.40.