23 Oct 2013
US Dollar index climbs to highs near 79.40
FXstreet.com (Edinburgh) -The US Dollar index, which tracks the greenback against its major competitors, is trading on a firmer tone on Wednesday, bouncing off overnight lows to the current upper band at 79.30/35.
DXY propped up by risk aversion
The world’s reserve is finding some respite today after Tuesday’s deep pullback on disappointing Payrolls during September, with the US economy creating only 148K jobs vs. expectations at 180K. “This is likely to push Fed tapering further into the future and it seems likely that it will be March before we see a meaningful improvement in growth and employment enough to push the Fed into tapering asset purchases”, observed Allan von Mehren, Analyst at Danske Bank.
DXY key levels
The index is now up 0.14% at 79.35 with the next resistance at 80.18 (high Oct.4) ahead of 80.64 (high Sep.26) and finally 80.75 (high oct.16). On the flip side, a breakdown of 79.13 (low Oct.23) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).
DXY propped up by risk aversion
The world’s reserve is finding some respite today after Tuesday’s deep pullback on disappointing Payrolls during September, with the US economy creating only 148K jobs vs. expectations at 180K. “This is likely to push Fed tapering further into the future and it seems likely that it will be March before we see a meaningful improvement in growth and employment enough to push the Fed into tapering asset purchases”, observed Allan von Mehren, Analyst at Danske Bank.
DXY key levels
The index is now up 0.14% at 79.35 with the next resistance at 80.18 (high Oct.4) ahead of 80.64 (high Sep.26) and finally 80.75 (high oct.16). On the flip side, a breakdown of 79.13 (low Oct.23) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).