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5 Jun 2013
US Dollar Index keeps the red after Beige Book
FXstreet.com (Barcelona) - The greenback, gauged by the US Dollar index, remains submerged into the red territory on Wednesday, after the Fed’s Beige Book passed ignored by market participants.
“The outcome is that rising UST yields will continue to be the dominating theme. ECB easing or not, some better UK data, all are deeply secondary to the main UST theme ahead of NFP. More Fed speakers continue to prepare the way out of ultra easy monetary conditions. We know where we are going, the only debate is speed and the brutality or not of this process”, commented Sebastian Galy, Strategist at Societe Generale.
As of writing, the index is losing 0.24% at 82.61 with the next support at 82.40, 82.10 and 81.80 while resistance levels align at 83.00, 83.25 and 83.45.
“The outcome is that rising UST yields will continue to be the dominating theme. ECB easing or not, some better UK data, all are deeply secondary to the main UST theme ahead of NFP. More Fed speakers continue to prepare the way out of ultra easy monetary conditions. We know where we are going, the only debate is speed and the brutality or not of this process”, commented Sebastian Galy, Strategist at Societe Generale.
As of writing, the index is losing 0.24% at 82.61 with the next support at 82.40, 82.10 and 81.80 while resistance levels align at 83.00, 83.25 and 83.45.