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9 Jul 2013
US Dollar Index in highs around 84.70
FXstreet.com (Edinburgh) - The greenback, in terms of the US Dollar Index, is trading in the upper end of the range on Tuesday, gyrating around session highs in the vicinity of 84.70.
DXY upside under pressure
Tomorrow’s FOMC minutes and the subsequent speech by Chairman Bernanke will surely put to the test the recent USD rally. “From a strategic point of view, US economic data should continue to surprise positively. This suggests it is only a matter of time before the next move higher in the UST curve… In such a strategic context the USD will continue its cyclical recovery”, suggested Sebastien Galy, Strategist at Societe Generale.
DXY key levels
At the moment the index is up 0.56% at 84.67 with the next resistance at 84.70 ahead of 85.00 and finally 85.40. On the flip side, a breakdown of 83.90 would bring 83.50 followed by 83.20.
DXY upside under pressure
Tomorrow’s FOMC minutes and the subsequent speech by Chairman Bernanke will surely put to the test the recent USD rally. “From a strategic point of view, US economic data should continue to surprise positively. This suggests it is only a matter of time before the next move higher in the UST curve… In such a strategic context the USD will continue its cyclical recovery”, suggested Sebastien Galy, Strategist at Societe Generale.
DXY key levels
At the moment the index is up 0.56% at 84.67 with the next resistance at 84.70 ahead of 85.00 and finally 85.40. On the flip side, a breakdown of 83.90 would bring 83.50 followed by 83.20.