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Forex: US Dollar Index bouncing off lows, around 81.80/85

FXstreet.com (Barcelona) - The US Dollar Index, which gauges the greenback against its major competitors, is bouncing off session lows in the area of 81.60/65 on Tuesday, punished by the spiralling risk appetite despite the lacklustre data from the euro area and mixed data from the US economy.

“The outlook for the USD is mixed at this time. There is less risk near term of the Fed reducing policy accommodation. But six months out much will depend on the resilience of the US economy in the face of fiscal policy tightening. If it is able to grow near trend and hold onto improvement in the labour market, it will appear in a better position to accelerate as the fiscal headwinds ease later in the year. This might then resume a stronger outlook for the USD”, suggested FX Strategist G.Gibbs at RBS.

The index is now retreating 0.46% at 81.82 and according to tradingcentral.com, the next support levels align at 81.70 and 81.55; while resistance levels line up at 82.35, 82.50 and 82.65.

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