Back
5 Jul 2013
US Dollar Index testing the 84.00 barrier
FXstreet.com (Edinburgh) - The greenback, in terms of the US Dollar Index, is inching higher pre-NFP, hovering over the key resistance at 84.00.
DXY to find support on a better NFP number
Obviously, all the attention is on today’s US Non-farm Payrolls. Prior surveys expect the US economy to have created 165K jobs during June, lower than May’s 175K. Stephen Gallo, Strategist at BMO, assessed, “Major central banks are adjusting their overall policy stances in relation to the prospects for Fed QE tapering. As a result, they are aiming to anchor their short-term and long-term rates… We look for better opportunities to buy the USD on dips following yesterday’s ECB and BoE policy announcements”.
DXY key levels
As of writing, the index is up 0.28% at 83.99 with the next resistance at 84.35 and then 84.70. On the flip side, a breakdown of 83.50 would expose 83.20 and finally 82.95.
DXY to find support on a better NFP number
Obviously, all the attention is on today’s US Non-farm Payrolls. Prior surveys expect the US economy to have created 165K jobs during June, lower than May’s 175K. Stephen Gallo, Strategist at BMO, assessed, “Major central banks are adjusting their overall policy stances in relation to the prospects for Fed QE tapering. As a result, they are aiming to anchor their short-term and long-term rates… We look for better opportunities to buy the USD on dips following yesterday’s ECB and BoE policy announcements”.
DXY key levels
As of writing, the index is up 0.28% at 83.99 with the next resistance at 84.35 and then 84.70. On the flip side, a breakdown of 83.50 would expose 83.20 and finally 82.95.