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Title: US Dollar Index edges higher to 93.70 ahead of data

10/21/2021 7:39:59 AM GMT

By: AnalysisWatch

The greenback, as measured by the US Dollar Index (DXY), appears to be recovering some purchasing power and ending a multi-meeting losing streak.

The US Dollar Index centers around yields and information.

The file posted unassuming increases from the get-go in the European daytime following six continuous daily pullbacks. The moderate leg lower has so far met very good conflict around the 93.50 zone.

Value activity around the dollar has been feeling the squeeze because of the new firm improvement in the danger complex, while the absence of maintainability in the new move higher in US yields has likewise added to the buck's drawback.

The leg lower in the list has so far met support around 93.50 so far this week. The remedial move in the dollar came because of the repricing of a few national banks, especially considering raised swelling and the firm improvement in the danger complex.

Strong Fedspeak, the expected beginning of the tightening system, more significant returns, and the developing probability that high swelling will endure for a more drawn-out timeframe are the sole drivers of the dollar's uplifting perspective in the close to medium term.

Key occasions in the US this week: Claims, the Philly Fed Index, the CB Leading Index, Existing Home Sales (Thursday) and Flash Manufacturing PMI (Friday).

Presently, the file is acquiring 0.05% at 93.64 and a break above 94.17 (weekly high Oct.18) would make the way for 94.56 (2021 high Oct.12) and afterward 94.74 (monthly high Sep.25 2020). On the other side, the following down boundary arises at 93.49 (monthly low October 21), trailed by 93.24 (55-day SMA) lastly 92.98 (weekly low September 23).

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