OctaFX | OctaFX Forex Broker
Open trading account

US Dollar off highs, around 96.00

FXStreet (Edinburgh) - The greenback, in terms of the US Dollar Index, is trading on a firmer footing vs. its G10 peers on Tuesday, currently hovering over the 96.00 handle.

US Dollar bolstered by sentiment

The bid tone remains alive around USD during the first half of the week so far, now extending the correction lower initiated last Friday. The upside momentum has taken USD to briefly test levels just above the 96.00 handle, although the up move seems to have run out of impetus after the European open.

Ahead in the session, the Housing Price Index and the Richmond Fed Manufacturing index will see the light in the US docket, preceding another speech by Atlanta Fed President D.Lockhart.

US Dollar levels to consider

At the moment the index is up 0.05% at 95.95 and a breakout of 96.53 (high Sep.4) would target 97.07 (high Aug.19) en route to 97.33 (high Aug.12). On the downside, the immediate support aligns at 94.06 (low Sep.18) ahead of 93.72 (low Aug.26) and finally 93.25 (low Aug.25).

GBP/JPY drops to hourly 200-MA

The cross in the GBP/JPY ran through fresh supply as the European markets opened in the red against expectations of a higher start, which dented market sentiment and boosted the demand for safe-haven such as yen.
Read more Previous

USD strength pointing towards improving global sentiment – SocGen

Kit Juckes, Research Analyst at Societe Generale, suggests that weakness in Asian/European equities yesterday morning was followed by a US rally, and that in turn took Treasury yields back up and dollar’s status as a funding currency or as a safe-haven currency for that matter is lost. Instead, it’s a barometer of the global mood which, is improving (today, at least).
Read more Next
Start livechat