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4 Oct 2013
US Dollar index remains below 80.00
FXstreet.com (Edinburgh) -The greenback, in terms of the US Dollar index, remains trading around 8-month lows on Friday, hovering over 70.80/85.
DXY reverting the weekly downside
The selling pressure is giving some respite to the world’s reserve at the end of the week so far, posting gains for the first time in 6 sessions amidst the ongoing concerns surrounding the US Government shutdown. According to R.Yetsenga and B.Martin, Strategists at ANZ, “With the shutdown, the discussion has turned to a question of whether tapering will occur in December or January. If the shutdown continues for too much longer, it’s not difficult to anticipate markets shifting to considering a January/March timing for tapering. The shift in the tapering time horizon will clearly act to undermine the dollar against many other currencies”.
DXY relevant levels
The index is now up 0.07% at 79.83 with the immediate resistance at 81.35 (high Sep.17) followed by 81.93 (high Sep.11) and finally 82.50 (high Aug.2). On the flip side, a breakdown of 79.49 (low Feb.6) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).
DXY reverting the weekly downside
The selling pressure is giving some respite to the world’s reserve at the end of the week so far, posting gains for the first time in 6 sessions amidst the ongoing concerns surrounding the US Government shutdown. According to R.Yetsenga and B.Martin, Strategists at ANZ, “With the shutdown, the discussion has turned to a question of whether tapering will occur in December or January. If the shutdown continues for too much longer, it’s not difficult to anticipate markets shifting to considering a January/March timing for tapering. The shift in the tapering time horizon will clearly act to undermine the dollar against many other currencies”.
DXY relevant levels
The index is now up 0.07% at 79.83 with the immediate resistance at 81.35 (high Sep.17) followed by 81.93 (high Sep.11) and finally 82.50 (high Aug.2). On the flip side, a breakdown of 79.49 (low Feb.6) would aim for 78.93 (low Feb.1) and finally 78.60 (Sep.14 2012).