20 Nov 2013
US Dollar Index in red ahead of US data
FXstreet.com (Edinburgh) - The greenback, gauged by the US Dollar Index, is extending its negative trend on Wednesday, currently hovering over 80.65/60.
DXY eyes on US docket
The index is retreating since Monday within the more ample correction lower from early November peaks near 81.50. The USD would be in the spotlight today, as key releases are due in the US economy, namely CPI, Retail Sales, Existing Home Sales and the more relevant FOMC minutes. “The minutes of the October FOMC meeting will also attract considerable market attention as investors attempt to gauge the appetite among FOMC members for a December taper. Our expectation is for this report to underscore the neutral bias at the Fed, though it should reinforce the data dependency of any shifts in the Fed’s monetary policy stance”, observed Marcin Budkiewicz, Strategist at TD Securities.
DXY levels to watch
The index is now losing 0.04% at 80.62 with the immediate support at 80.38 (low Nov.6) followed by 80.00 (psychological level) and then 79.31 (low Oct.25). On the upside, a break above 81.48 (high Nov.8) would open the door to 81.50 (high Sep.16) and finally 82.50 (high Aug.2).
DXY eyes on US docket
The index is retreating since Monday within the more ample correction lower from early November peaks near 81.50. The USD would be in the spotlight today, as key releases are due in the US economy, namely CPI, Retail Sales, Existing Home Sales and the more relevant FOMC minutes. “The minutes of the October FOMC meeting will also attract considerable market attention as investors attempt to gauge the appetite among FOMC members for a December taper. Our expectation is for this report to underscore the neutral bias at the Fed, though it should reinforce the data dependency of any shifts in the Fed’s monetary policy stance”, observed Marcin Budkiewicz, Strategist at TD Securities.
DXY levels to watch
The index is now losing 0.04% at 80.62 with the immediate support at 80.38 (low Nov.6) followed by 80.00 (psychological level) and then 79.31 (low Oct.25). On the upside, a break above 81.48 (high Nov.8) would open the door to 81.50 (high Sep.16) and finally 82.50 (high Aug.2).