8 Jul 2015
DXY indifferent to FOMC
FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback against a basket of its main competitors, has largely ignored the FOMC minutes, hovering over 96.20 now.
DXY supported near 96.10
After climbing to fresh multi-week tops beyond 97.00 the figure during the first half of the week, the dollar is now surrendering part of the recent upside and coming back to the low-96.00s.
A neutral tone from today’s FOMC minutes left the USD pretty much unchanged around session lows vs. its G10 peers, which seems to be more concerned on the Greek events.
In his speech, FOMC’s Williams, argued that the output gap could be closed by end of 2015 and that another QE programme is highly unlikely any time soon. He also stressed that a Fed’s rate hike this year remains on the table, adding that an earlier hike allows rates to move up gradually afterwards.
DXY relevant levels
As of writing the index is losing 0.68% at 96.20 with the next support at 96.04 (low Jul.3) ahead of 95.48 (low Jul.1) and finally 94.30 (low Jun.23). On the upside, the next up barrier aligns at 97.24 (high Jul.7) followed by 97.34 (high Jun.5) and then 97.76 (high Jun.1).
DXY supported near 96.10
After climbing to fresh multi-week tops beyond 97.00 the figure during the first half of the week, the dollar is now surrendering part of the recent upside and coming back to the low-96.00s.
A neutral tone from today’s FOMC minutes left the USD pretty much unchanged around session lows vs. its G10 peers, which seems to be more concerned on the Greek events.
In his speech, FOMC’s Williams, argued that the output gap could be closed by end of 2015 and that another QE programme is highly unlikely any time soon. He also stressed that a Fed’s rate hike this year remains on the table, adding that an earlier hike allows rates to move up gradually afterwards.
DXY relevant levels
As of writing the index is losing 0.68% at 96.20 with the next support at 96.04 (low Jul.3) ahead of 95.48 (low Jul.1) and finally 94.30 (low Jun.23). On the upside, the next up barrier aligns at 97.24 (high Jul.7) followed by 97.34 (high Jun.5) and then 97.76 (high Jun.1).