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16 Aug 2013
US Dollar Index in highs around 81.30
FXstreet.com (Edinburgh) -The US Dollar index, which tracks the world’s reserve against its major competitors, left session lows around the key support at 81.00 to print fresh highs around 81.40 although retracing some pips afterwards.
DXY stronger after US data
Despite the poor results from the housing sector, where Housing Starts and Building Permits came in short of estimates, and the drop of the consumer sentiment, the greenback managed to gather steam and climb as high as 81.40, printing intraday peaks at the same time. In light of the upcoming FOMC minutes in the week ahead, Strategist Jacqui Douglas at TD Securities commented, “Markets are obsessed with tapering talk, and will be reading the minutes closely for confirmation that the Fed is likely to taper in September, and for any conversation around just how aggressive that tapering might be”.
DXY levels to watch
The index is now up 0.19% at 81.343 and a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9). On the downside, support levels align at 80.86 (low Aug.8) followed by 80.50 (low Jun.19) and then 80.27 (low Feb.20).
DXY stronger after US data
Despite the poor results from the housing sector, where Housing Starts and Building Permits came in short of estimates, and the drop of the consumer sentiment, the greenback managed to gather steam and climb as high as 81.40, printing intraday peaks at the same time. In light of the upcoming FOMC minutes in the week ahead, Strategist Jacqui Douglas at TD Securities commented, “Markets are obsessed with tapering talk, and will be reading the minutes closely for confirmation that the Fed is likely to taper in September, and for any conversation around just how aggressive that tapering might be”.
DXY levels to watch
The index is now up 0.19% at 81.343 and a break above 82.50 (high Aug.2) would expose 83.12 (high Jul.15) and then 84.75 (high Jul.9). On the downside, support levels align at 80.86 (low Aug.8) followed by 80.50 (low Jun.19) and then 80.27 (low Feb.20).