9 Oct 2013
US Dollar index keeps session highs
FXstreet.com (Edinburgh) -The greenback, in term of the US Dollar Index, remains trading in the upper band of today’s range, hovering over 80.40/45 ahead of the FOMC minutes.
DXY up despite Yellen
The USD rapidly shrugged off Yellen’s nomination and continued to push higher today, despite the solution for both the US Government shutdown and the debt ceiling seems to be yet far away. Jane Foley, Senior Strategist at Rabobank, assessed “Yellen has long been considered to be dove and the modestly better tone in risk indices overnight reflects the anticipation that the Fed may taper QE at a less aggressive pace going forward. If investors continue to push back expectations of Fed tapering, it is possible that USD bulls may have to become even more patient in waiting for the USD recovery”.
DXY key levels
The index is now advancing 0.51% at 80.42 with the next resistance at 80.64 (high Sep.26) followed by 81.35 (high Sep.17) and then 81.93 (high Sep11). On the flip side, a breakdown of 79.49 (low Feb.6) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).
DXY up despite Yellen
The USD rapidly shrugged off Yellen’s nomination and continued to push higher today, despite the solution for both the US Government shutdown and the debt ceiling seems to be yet far away. Jane Foley, Senior Strategist at Rabobank, assessed “Yellen has long been considered to be dove and the modestly better tone in risk indices overnight reflects the anticipation that the Fed may taper QE at a less aggressive pace going forward. If investors continue to push back expectations of Fed tapering, it is possible that USD bulls may have to become even more patient in waiting for the USD recovery”.
DXY key levels
The index is now advancing 0.51% at 80.42 with the next resistance at 80.64 (high Sep.26) followed by 81.35 (high Sep.17) and then 81.93 (high Sep11). On the flip side, a breakdown of 79.49 (low Feb.6) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).