Back
18 Jun 2013
US Dollar Index in lows around 80.70
FXstreet.com (Edinburgh) - The US Dollar Index, which tracks the greenback against its major rivals, is trading on the back foot on Tuesday, extending the intraday decline to the area of 80.70.
In light of the biggest event for the USD – the FOMC meeting due tomorrow – Senior Strategist Phillip Marey at Rabobank commented, “While the Fed Chairman may attempt to give more clarity about tapering off QE3, it will be difficult to reduce market uncertainty because there does not seem to be a consensus in the FOMC on an explicit criterion for stopping or tapering QE3. What’s more, the economic data that the Committee will be responding to are likely to remain mixed for the next few months”.
At the moment the index is retreating 0.29% at 80.73 with the next support at 80.50, 80.20 and 80.00; resistance levels line up at 81.00, 81.30 and 81.60.
In light of the biggest event for the USD – the FOMC meeting due tomorrow – Senior Strategist Phillip Marey at Rabobank commented, “While the Fed Chairman may attempt to give more clarity about tapering off QE3, it will be difficult to reduce market uncertainty because there does not seem to be a consensus in the FOMC on an explicit criterion for stopping or tapering QE3. What’s more, the economic data that the Committee will be responding to are likely to remain mixed for the next few months”.
At the moment the index is retreating 0.29% at 80.73 with the next support at 80.50, 80.20 and 80.00; resistance levels line up at 81.00, 81.30 and 81.60.