17 Jun 2015
DXY back below 95.00 pre-FOMC
FXStreet (Edinburgh) - The greenback, tracked by the US Dollar Index, has now retraced the previous spike to session tops near 95.10 and is now trading back in sub-95.00 levels.
DXY keeps a tight range ahead of Fed
The US dollar remains in a narrow range today following a cautious tone by market participants in light of the imminence of the FOMC meeting and Yellen’s press conference soon afterwards.
The greenback could see its demand renewed today, as there seems to be a generalized opinion that the Committee could strike a somewhat hawkish tone (at least not dovish). In addition, Chairwoman J.Yellen could emphasize the recent auspicious results in some key indicators, building up confidence on the domestic economy and opening the door to a Fed’s lift-off at some point in H2.
DXY levels to watch
The index is now retreating 0.12% at 94.88 and a break below 94.32 (low Jun.10) would open the door to 94.09 (low May 19) and finally 93.27 (low May 18). On the upside, the initial hurdle lines up at 95.68 (high Jun.12) followed by 96.91 (high Jun.5) and then 97.68 (high Jun.1).
DXY keeps a tight range ahead of Fed
The US dollar remains in a narrow range today following a cautious tone by market participants in light of the imminence of the FOMC meeting and Yellen’s press conference soon afterwards.
The greenback could see its demand renewed today, as there seems to be a generalized opinion that the Committee could strike a somewhat hawkish tone (at least not dovish). In addition, Chairwoman J.Yellen could emphasize the recent auspicious results in some key indicators, building up confidence on the domestic economy and opening the door to a Fed’s lift-off at some point in H2.
DXY levels to watch
The index is now retreating 0.12% at 94.88 and a break below 94.32 (low Jun.10) would open the door to 94.09 (low May 19) and finally 93.27 (low May 18). On the upside, the initial hurdle lines up at 95.68 (high Jun.12) followed by 96.91 (high Jun.5) and then 97.68 (high Jun.1).