12 Nov 2013
DXY drifts lower on sleepy Monday session; action set to pick up, though
FXstreet.com (Barcelona) - The US Dollar Index (DXY) had very little to inspire any meaningful movements Monday – but that will change Tuesday with potentially market-moving data due out from all over the globe.
DXY to be moved by European and British news Tuesday – with help from Japan and the US
The Japanese Tertiary Index, Germany and Britain’s monthly inflation data and the Chicago Fed National Activity Index data out of the US should all play a role in determining the DXY’s direction on Tuesday. All this data and news may just be a pre-cursor to the Janet Yellen confirmation hearings on Thursday.
Technical outlook for the DXY
The DXY took out the ceiling at 80.75 and made it as high as 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.
DXY to be moved by European and British news Tuesday – with help from Japan and the US
The Japanese Tertiary Index, Germany and Britain’s monthly inflation data and the Chicago Fed National Activity Index data out of the US should all play a role in determining the DXY’s direction on Tuesday. All this data and news may just be a pre-cursor to the Janet Yellen confirmation hearings on Thursday.
Technical outlook for the DXY
The DXY took out the ceiling at 80.75 and made it as high as 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.