19 Nov 2013
US Dollar index bounces off 80.60
FXstreet.com (Edinburgh) - The US Dollar index, which tracks the greenback against its major competitors, is now back to the positive territory after dipping to lows near 80.60/55.
DXY weaker after Chinese data
The USD found increased selling pressure soon after the PBoC announced its intention to end its interventions in the yuan market. However, the dip probed to be ephemeral after doubts emerged regarding the start of the implementation of such a measure. Today’s US docket is almost non-existent, whereas tomorrow’s releases will be more significant, as CPI figures, October’s Retail Sales and Existing Home Sales are all due. According to analysts at BBH, “During market hours, only the Fed's Evans speaks, but after North American markets close and in what will likely be thin Asian trading, Bernanke speaks before the Economist Club in Washington. Yesterday, Dudley seemed more optimistic in his economic view, but seemed to signal no immediate desire to taper”.
DXY levels to watch
The index is now up 0.07% at 80.79 with the initial resistance at 81.50 (high Sep.16) followed by 82.50 (high Aug.2) and then 82.67 (high Sep.5). On the flip side, a breakdown of 80.38 (low Nov.6) would expose 80.00 (psychological level) and finally 79.31 (low Oct.25
DXY weaker after Chinese data
The USD found increased selling pressure soon after the PBoC announced its intention to end its interventions in the yuan market. However, the dip probed to be ephemeral after doubts emerged regarding the start of the implementation of such a measure. Today’s US docket is almost non-existent, whereas tomorrow’s releases will be more significant, as CPI figures, October’s Retail Sales and Existing Home Sales are all due. According to analysts at BBH, “During market hours, only the Fed's Evans speaks, but after North American markets close and in what will likely be thin Asian trading, Bernanke speaks before the Economist Club in Washington. Yesterday, Dudley seemed more optimistic in his economic view, but seemed to signal no immediate desire to taper”.
DXY levels to watch
The index is now up 0.07% at 80.79 with the initial resistance at 81.50 (high Sep.16) followed by 82.50 (high Aug.2) and then 82.67 (high Sep.5). On the flip side, a breakdown of 80.38 (low Nov.6) would expose 80.00 (psychological level) and finally 79.31 (low Oct.25