US Dollar Index firmer, approaches 95.00 ahead of US GDP
- The index moves higher to levels closer to the 95.00 handle.
- Yields of the US 10-year note drift lower to the 2.87%.
- Another revision of US Q2 GDP is next on tap on the docket.
The greenback, in terms of the US Dollar Index (DXY), has regained some appeal and is now inching higher and testing daily peaks in the proximity of 94.90.
US Dollar Index focused on US GDP
After three consecutive daily pullbacks, the index seems to have found some respite and is now managing to rebound to the vicinity of 94.90 amidst a resumption of the offered bias in the risk-associated space.
In fact, the greenback broke below the critical support line in the 94.80 area on Tuesday, opening the door for a continuation of the sell off. However, some decent support emerged in the 94.45/40 band, sparking the ongoing bounce.
In the meantime, month-end flows should drive the mood around the buck in the very near term, while another estimate of the US GDP for the April-June period is expected later in the NA trading hours.
US Dollar relevant levels
As of writing the index is gaining 0.09% at 94.81 and faces the initial resistance at 95.01 (55-day SMA) seconded by 95.42 (10-day SMA) and finally 95.71 (high Aug.23). On the flip side, a break below 94.45 (low Aug.28) would open the door to 94.20 (38.2% Fibo of the 2017-2018 drop) and then 94.08 (low Jul.26).
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