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25 Jun 2013
US Dollar Index retreats from highs
Fxstreet.com (Edinburgh) - The US Dollar index, which gauges the greenback against its major rivals, is retracing from intraday highs above 82.90, trading back to the 82.80 region.
The USD has resumed its recent upside, accelerated after last week’s less dovish tone from the FOMC meeting, escalating from lows around 80.60 to Monday’s highs just above 83.00 the figure.
In light of the recent positive data from the US economy, Currency Analyst Christopher Vecchio at DailyFX commented, “The data fit neatly with the belief that the Fed could taper its QE3 program by mid-2014, and as a result, risk appetite has been hit. The S&P 500, despite rallying up to 1588.31 shortly after the open, traded to as low as 1577.52 after the Consumer Confidence report was released, suggesting that investors are positioning for diminished QE and higher interest rates in the near-future”.
As of writing, the index is advancing 0.20% at 82.70 facing the next resistance at 82.95 and 83.40 while support levels align at 82.15, 81.95 and 81.60.
The USD has resumed its recent upside, accelerated after last week’s less dovish tone from the FOMC meeting, escalating from lows around 80.60 to Monday’s highs just above 83.00 the figure.
In light of the recent positive data from the US economy, Currency Analyst Christopher Vecchio at DailyFX commented, “The data fit neatly with the belief that the Fed could taper its QE3 program by mid-2014, and as a result, risk appetite has been hit. The S&P 500, despite rallying up to 1588.31 shortly after the open, traded to as low as 1577.52 after the Consumer Confidence report was released, suggesting that investors are positioning for diminished QE and higher interest rates in the near-future”.
As of writing, the index is advancing 0.20% at 82.70 facing the next resistance at 82.95 and 83.40 while support levels align at 82.15, 81.95 and 81.60.