16 Jul 2013
US Dollar Index dips to lows
FXstreet.com (Edinburgh) -The US Dollar Index, which tracks the greenback against its major rivals, is trading in the defensive position on Tuesday, testing session lows around 82.90.
DXY focused on Bernanke
The focus remains on Chairman Bernanke’s testimony on Wednesday as the main driver for the USD in the near term. In the opinion of Jane Foley, Strategist at Rabobank, “Last week Ben Bernanke was quite clear in his message that “a highly accommodative policy is needed for the foreseeable future”. While this does not rule out the risk that the quantity of asset purchases will be tapered in the coming months, it is likely that Bernanke will oil the wheels of this process with plenty of dovish words”.
DXY key levels
The index is now losing 0.26% at 82.85 with the next support at 82.50 followed by 82.20. On the flip side, a break above 83.65 would bring 83.90 and then 84.10.
DXY focused on Bernanke
The focus remains on Chairman Bernanke’s testimony on Wednesday as the main driver for the USD in the near term. In the opinion of Jane Foley, Strategist at Rabobank, “Last week Ben Bernanke was quite clear in his message that “a highly accommodative policy is needed for the foreseeable future”. While this does not rule out the risk that the quantity of asset purchases will be tapered in the coming months, it is likely that Bernanke will oil the wheels of this process with plenty of dovish words”.
DXY key levels
The index is now losing 0.26% at 82.85 with the next support at 82.50 followed by 82.20. On the flip side, a break above 83.65 would bring 83.90 and then 84.10.