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6 Aug 2013
US Dollar Index consolidates below 82.00
FXstreet.com (Ediinburgh) -The US Dollar Index, which gauges the greenback against its major competitors, is trading on the back foot on Tuesday, extending the negative momentum below 82.00 the figure.
DXY vs. mixed US data
Better data from the US trade balance, showing that the trade deficit shrunk to $34.22 billion in June was not enough to curb the prevailing risk appetite, keeping the demand for the buck subdued and the index below 82.00. “With volatility sliding over the past week, the strong impression in the markets overall is that investors are now waiting to see how the incoming US data shape up and how that affects expectations that the Fed will start to taper asset purchases as of the September policy meeting”, coincide analysts at TD Securities.
DXY levels to watch
The index is now losing 0.27% at 81.62 with the next support at 81.41 (low Jul.31) then 81.27 (low Jun.20) and finally 80.50 (low Jun.19). On the flip side, a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9).
DXY vs. mixed US data
Better data from the US trade balance, showing that the trade deficit shrunk to $34.22 billion in June was not enough to curb the prevailing risk appetite, keeping the demand for the buck subdued and the index below 82.00. “With volatility sliding over the past week, the strong impression in the markets overall is that investors are now waiting to see how the incoming US data shape up and how that affects expectations that the Fed will start to taper asset purchases as of the September policy meeting”, coincide analysts at TD Securities.
DXY levels to watch
The index is now losing 0.27% at 81.62 with the next support at 81.41 (low Jul.31) then 81.27 (low Jun.20) and finally 80.50 (low Jun.19). On the flip side, a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9).