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Forex: US Dollar Index flat below 83.00

FXstreet.com (Barcelona) - The US Dollar Index, which tracks the greenback against its major rivals, is posting marginal losses on Thursday, trimming weekly gains from highs above 83.00

Decent gains in the US manufacturing sector gauged by the Markit PMI and the Philadelphia index failed to bolster the recent upside of the greenback, running out of steam in the boundaries of 83.20

Regarding the FOMC gathering held yesterday, Chief Analyst at Danske Bank, Lars Christensen argued “Consensus in the market appears to be for the Fed to scale down asset purchases before year-end but this is unlikely to materialise this side of the summer which means that pressure remains on the dollar from monetary policy”.

At the moment, the index is down 0.02% at 82.93 and according to tradingcentral.com, the next support lines up at 82.55, 82.40 and 82.15; while resistance levels align at 83.05, 83.35 and 83.60

Forex: NZD/USD upside trend intact at 0.8326/29

A brief kiwi crawl that led to the NZD/USD waning towards the 0.8317 level was fortified and reversed in recent moments, resulting in a turn back to the upside. At the time of writing the pair is trading at 0.8326/29 during American trading Thursday, securing a steadfast advance of +0.73%.
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According to Research Analyst Gareth Berry at UBS, “GBP/USD positioning in particular may have gone a bit too far in the short-term so there is scope for some recovery, but it does open the way for some more structural policy factors to be priced in.” The key point being that FX markets have always traded through pricing in policy differentials: be it through interest rate differentials or the pace of QE.
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