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22 Nov 2013
US Dollar Index in lows around 80.80
FXstreet.com (Edinburgh) - The greenback, in terms of the US Dollar index, is trading on a softer tone on Friday, dragging the index to challenge intraday lows around 80.85/80.
DXY weaker on risk appetite
The market expectations regarding the likeliness of the Fed to start scaling back its stimulus program in the near future seems to be fading away, and with them a strong support for the recent USD strength. In the same tone, the effects of recent positive US data would be following the same path, leaving the greenback exposed to the risk appetite trends amidst an empty docket in the US economy. “Data will nevertheless remain important to watch over the coming holiday-shortened week as the market continues to handicap the odds of a near-term tapering announcement by the Fed”, noted Annette Beacher, Strategist at TD Securities.
DXY levels to watch
The index is now losing 0.24% at 80.76 with the immediate support at 80.53 (low Nov.20) ahead of 80.38 (low Nov.6) and then 80.00 (psychological level). On the upside, a break above 81.48 (high Nov.8) would open the door to 81.50 (high Sep.16) and finally 82.50 (high Aug.2).
DXY weaker on risk appetite
The market expectations regarding the likeliness of the Fed to start scaling back its stimulus program in the near future seems to be fading away, and with them a strong support for the recent USD strength. In the same tone, the effects of recent positive US data would be following the same path, leaving the greenback exposed to the risk appetite trends amidst an empty docket in the US economy. “Data will nevertheless remain important to watch over the coming holiday-shortened week as the market continues to handicap the odds of a near-term tapering announcement by the Fed”, noted Annette Beacher, Strategist at TD Securities.
DXY levels to watch
The index is now losing 0.24% at 80.76 with the immediate support at 80.53 (low Nov.20) ahead of 80.38 (low Nov.6) and then 80.00 (psychological level). On the upside, a break above 81.48 (high Nov.8) would open the door to 81.50 (high Sep.16) and finally 82.50 (high Aug.2).