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US Dollar Index regains 83.70/75

FXstreet.com (Barcelona) - The greenback, tracked by the US Dollar Index, is closing the week in red after posting multi-month highs above 84.50, currently orbiting around 83.70/75.

Better-than-expected US Durable Goods Orders failed to revert the bearishness around the buck, attempting a reaction in the wake of the release although it proved to be ephemeral. Undoubtedly, the main theme in the global markets these last couple of weeks was the Fed and the likelihood of slowing down its bond buying. In the opinion of Stephen Gallo, Strategist at BMO, “In the event of very good economic data, market participants may well conclude that tightening is on the way, but that it will be balanced and lack aggression so as not to “endanger the recovery”, even if it does occur sooner rather than later”.

As of writing, the index is down 0.10% at 83.72 and according to tradingcentral.com, the next hurdle aligns at 84.00, 84.20 and 84.35 while support levels line up at 83.45, 83.30 and 83.10.

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