How are the recent comments by President Trump impacting the Greenback? Examine this 17 April US Dollar Index Trading Outlook for more details.
17 April, GKFX – The greenback, gauged by the US Dollar Index (DXY), remains on the back foot during the first half of the week and is now threatening to visit the critical support at the 89.00 milestone.
US Dollar focus on data, Fedspeak
The index is down for the second session in a row on Tuesday, extending the correction lower from last week’s tops in the psychological 90.00 neighbourhood. Recent comments by President Trump signalling the likeliness that Russia and China could be deliberately weakening their currencies put the buck under heavy selling pressure at the beginning of the week, refocusing markets’ attention to trade policy.
DXY remains entrenched into the negative territory despite yesterday’s healthy results from US Retail Sales during March. Today’s docket includes Housing Starts and Building Permits, seconded by Industrial and Manufacturing Production.
In addition, the greenback should stay in centre stage in light of speeches by San Francisco Fed John Williams (voter, centrist), R.Quarles, Philadelphia Fed P.Harker (non-voter, hawkish) and Chicago Fed C.Evans (2019 voter, dovish).
17 April US Dollar Index Trading Outlook
As of writing the index is losing 0.14% at 89.31 facing the next support at 89.23 (low Apr.17) seconded by 88.94 (low Mar.27) and then 88.25 (2018 low Feb.16). On the other hand, a breakout of 89.95 (high Apr.12) would aim for 90.60 (high Apr.6) and finally 90.89 (38.2% Fibo of 95.15-88.25).
This article 17 April US Dollar Index Trading Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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