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Forex: US Dollar index in session lows

FXstreet.com (Barcelona) - The greenback, tracked by the US Dollar Index, is sharply down against its rivals on Wednesday, after the poor US ADP report and ISM Non Manufacturing results still weight on the USD.

“In the second half of the year, once the budget battles have subsided and the fiscal landscape has cleared up, the economy and the labour market are likely to accelerate. This should prompt the Committee to slow down its asset purchases and ignite a significant rise in longer-term US treasury yields”, commented Phillip Marey, Senior US Strategist at Rabobank.

As of writing, the index is down 0.31% at 82.83 and according to tradingcentral.com, the next support levels line up at 82.75, 82.65 and 82.50; on the other hand, resistance levels are located at 83.05, 83.15 and 83.30.

Crude oil falls tests 95.00 level

Crude oil has experienced a tumultuous fall after multiple failed attempts at the 97.00 level Wednesday. With the publication of some lackluster US economic data, including a notable lower-than-expected ADP employment figures, crude broke below above the 96.00 level to test the USD $95.00/bbl barrier in these moments. In particular, the recent negative price action suggests crude oil could be in the process of forming a top, as rsi are showing holding negative.
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Forex Flash: USD/JPY year-end forecast remains at 100.00 – UBS

According to Research Analyst Gareth Berry at UBS, “Lower JGB yields on the back of aggressive BoJ easing could lower borrowing costs in the economy. That could encourage households and corporates to take on more debt to fund a buying spree at home.” The evidence in favor of this is hardly overwhelming. Already borrowing costs are extremely depressed and still demand for credit remains feeble.
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