18 Jul 2013
US Dollar Index in highs, eyes on 83.00
FXstreet.com (Barcelona) -The US Dollar index, which tracks the world’s reserve against its major rivals, is extending its upside for the second consecutive session, hovering over 82.80.
DXY bolstered by Bernanke
Bernanke’s semi-annual testimony at Capitol Hill boosted the greenback, after the tone of the statement and the subsequent Q&A session was less dovish than previously thought. According to Jane Foley, Strategist at Rabobank, “Fed tapering will following signs that the US recovery is accelerating and this should boost the USD’s performance. However it is likely that it will be late in the year or early next year before the USD shows clear signs of strength”.
DXY levels to watch
The index is now up 0.18% at 82.78 facing the next hurdle at 82.85 followed by 83.20 and finally 83.45. On the downside, a break below 82.20 would allow 82.00 and then 81.60.
DXY bolstered by Bernanke
Bernanke’s semi-annual testimony at Capitol Hill boosted the greenback, after the tone of the statement and the subsequent Q&A session was less dovish than previously thought. According to Jane Foley, Strategist at Rabobank, “Fed tapering will following signs that the US recovery is accelerating and this should boost the USD’s performance. However it is likely that it will be late in the year or early next year before the USD shows clear signs of strength”.
DXY levels to watch
The index is now up 0.18% at 82.78 facing the next hurdle at 82.85 followed by 83.20 and finally 83.45. On the downside, a break below 82.20 would allow 82.00 and then 81.60.