14 Oct 2013
US Dollar Index offered around 80.30
FXstreet.com (Edinburgh) -The US Dollar index, which tracks the greenback against its major competitors, is retreating for the second consecutive session, hovering over 80.30/35.
DXY eyes on US debt ceiling talks
The increasing risk appetite is adding selling pressure to the world’s reserve on Monday, dragging the index lower from last week’s peaks in the area of 80.60. The USD would remain under the microscope however, as the congressional leaders have resumed the debt ceiling talks amidst deflating hopes after the recent failures to find common ground. Shaun Osborne, FX Strategist at TD Securities, commented, “With no US data and the Fed on hold for the moment, weak visibility in the markets means investor conviction is low. We rather think the near-term (1 week) environment favours range trading but prevailing uncertainty means that the commodity currencies are more likely to remain better offered on strength while even weakly correlating safe havens are liable to find better support on dips”.
DXY key levels
The index is now losing 0.12% at 80.31 and a breakdown of 79.63 (low Sep/3) would aim for 79.49 (low Feb.6) and then 78.93 (low Feb.1). On the upside, the initial resistance aligns at 80.64 (high Sep.26) followed by 81.35 (high Sep.17) and then 81.93 (high Sep11).
DXY eyes on US debt ceiling talks
The increasing risk appetite is adding selling pressure to the world’s reserve on Monday, dragging the index lower from last week’s peaks in the area of 80.60. The USD would remain under the microscope however, as the congressional leaders have resumed the debt ceiling talks amidst deflating hopes after the recent failures to find common ground. Shaun Osborne, FX Strategist at TD Securities, commented, “With no US data and the Fed on hold for the moment, weak visibility in the markets means investor conviction is low. We rather think the near-term (1 week) environment favours range trading but prevailing uncertainty means that the commodity currencies are more likely to remain better offered on strength while even weakly correlating safe havens are liable to find better support on dips”.
DXY key levels
The index is now losing 0.12% at 80.31 and a breakdown of 79.63 (low Sep/3) would aim for 79.49 (low Feb.6) and then 78.93 (low Feb.1). On the upside, the initial resistance aligns at 80.64 (high Sep.26) followed by 81.35 (high Sep.17) and then 81.93 (high Sep11).