FXStreet (Edinburgh) – The US Dollar Index, which tracks the greenback vs. a basket of its main rivals, has left the area of daily troughs and is now looking to regain the 95.00 handle.
US Dollar bounces off 94.70
The index is falling for the second consecutive session so far, although it has managed to rebound from daily lows in the 94.70 area today. The offered tone in USD has been exacerbated following the dovish tone from the FOMC minutes on Thursday, while market bets on a Fed’s lift-off in Q1 2016 keep gathering traction.
Nothing worth mentioning from the US calendar, with Export and Import Prices contracting at a monthly pace of 0.7% and 0.1%, respectively during September. In another direction, Atlanta Fed D.Lockhart has argued that the Fed could likely raise rates ‘relatively soon’.
US Dollar levels to consider
At the moment the index is losing 0.46% at 94.96 and a breach of 94.06 (low Sep.18) would expose 93.72 (low Aug.26) and finally 93.25 (low Aug.25). On the slip side, a breakout of 96.49 (high Oct.1) would open the door to 96.70 (high Sep.25) and then 97.07 (high Aug.19).
(Market News Provided by FXstreet)