Back
18 Dec 2013
DXY simmering before full-blown explosion – the direction of which still remains unclear
FXstreet.com (Barcelona) - The DXY is very likely going to see one of the more volatile days in quite some time as the Federal Reserve is set to provide the markets with a much needed dose of clarity – hopefully.
The Fed will have the world’s attention, but that isn’t all that is going on Wednesday
The DXY is trading exactly at breakeven thus far Wednesday – as it should considering the goings on set to occur later in the session. Data points that could move the DXY in one direction or another leading up to the Fed’s announcement later in the session include:
• German Current Assessment, Business Climate and Expectations
• Eco Fin Meeting in Europe
• British Employment Data
• Bank of England’s Monetary Policy Meeting Minutes
• US Mortgage Applications
• US Building Permits
• US Housing Starts
• and, the 5 and 7-year Treasury auctions
Technical outlook for the DXY
Technicians say the DXY may have set a short-term low at 79.75 support Thursday. Below that level, there is additional support at 79.63 and at the ultimate “line in the sand” at 79. Resistance for DXY comes in at the previous support of 80.53 and then at round number resistance at 81.
The Fed will have the world’s attention, but that isn’t all that is going on Wednesday
The DXY is trading exactly at breakeven thus far Wednesday – as it should considering the goings on set to occur later in the session. Data points that could move the DXY in one direction or another leading up to the Fed’s announcement later in the session include:
• German Current Assessment, Business Climate and Expectations
• Eco Fin Meeting in Europe
• British Employment Data
• Bank of England’s Monetary Policy Meeting Minutes
• US Mortgage Applications
• US Building Permits
• US Housing Starts
• and, the 5 and 7-year Treasury auctions
Technical outlook for the DXY
Technicians say the DXY may have set a short-term low at 79.75 support Thursday. Below that level, there is additional support at 79.63 and at the ultimate “line in the sand” at 79. Resistance for DXY comes in at the previous support of 80.53 and then at round number resistance at 81.